For which of the following time periods did the United States have a budget surplus?
A. 1990–1993
B. 1998–2001
C. 2003–2006
D. The United States did not have a surplus in any of these time periods.
Answer: B
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Why do consumers prefer higher indifference curves (farther to the right) to lower indifference curves?
What will be an ideal response?
The main goal of the Bretton Woods meeting was to
a. curb inflation b. encourage gold production c. set world prices for gold d. set up a new international system of payments and to stabilize exchange rates e. help less-developed countries of the Third World to develop economically
Which of the following biases the CPI to underestimate increases in prices?
a. The substitution bias b. The quality bias c. The new outlet bias d. None of the above
?
Exhibit 8-3 Demand and cost curves for GeneTech, a monopolist with a patented vaccine
In Exhibit 8-3, what is the maximum hourly profit that GeneTech can earn from its vaccine?
A. $1,500. B. $3,000. C. $4,500. D. $10,500.