A budget surplus occurs when ________
A) government spending exceeds tax revenue
B) tax revenue exceeds government spending
C) imports exceed exports
D) exports exceed imports
B
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Refer to Table 20-13. Consider a simple economy that produces only three products: tacos, earplugs, and toothbrushes. Use the information in the table to calculate the inflation rate for 2016, as measured by the consumer price index
What will be an ideal response?
A production function describes the
A) technological possibilities for converting factor inputs into outputs. B) intellectual possibilities for converting factor inputs into outputs. C) amount of resources available to the representative firm. D) actual process of converting factor inputs into outputs.
Consider the segment of a demand curve along which all price elasticities of demand are less than 1 . A decrease in price anywhere along that segment
a. shifts that segment of the demand curve to the right b. increases total revenue c. decreases total revenue d. shifts that segment of the demand curve to the left e. raises the price elasticity of demand
Exhibit 14-3 Impact of flights on house valueEach time Orville flies over Wilber's house, the noise reduces the value of Wilbur's house. The table shows the profits to Orville of each flight, and the value of Wilbur's house. Numberof flights Totalprofits Marginalprofits Value of Wilbur'shouse 1 $10,000 $10,000 $100,000 2 18,000 8,000 95,000 3 24,000 6,000 90,000 4 28,000 4,000 85,000 5 30,000 2,000 80,000 As shown in Exhibit 14-3, at the socially efficient number of flights, what will be the market value of Orville's house?
A. $100,000. B. $95,000. C. $90,000. D. $85,000.