Price discrimination only occurs under monopoly
a. True
b. False
Indicate whether the statement is true or false
False
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The government's budget deficit is best represented by which of the following equations?
A) Budget deficit = Government purchases of goods and services + Transfer payments + Interest payments on existing debt + Seigniorage B) Budget deficit = Government purchases of goods and services + Transfer payments + Tax revenue+ Newly issued government bonds C) Budget deficit = Government purchases of goods and services + Interest payments on existing debt + Newly issued government bonds + Seigniorage + Transfer payments - Tax revenue D) Budget deficit = Government purchases of goods and services + Transfer payments - Tax revenue + Interest payments on existing debt
The above figure shows the market for apples. If apple farmers convince the government to set a minimum price of $4 per pound, then
A) 100 pounds of apples will be sold at $4. B) no apples will be supplied. C) no apples will be demanded. D) None of the above.
Purchasing power parity shows how many units of currency are needed in one country
a. to equate its gross domestic product to the gross domestic product of another country. b. to equate its gross domestic product and its gross national product. c. to buy the same amount of output that one unit of currency buys in another country. d. to equal total purchasing power in another country.
A private good is a good that:
A. is nonrival. B. is not excludable. C. is provided only by private sectors. D. is consumed by a single person or household.