According to Walton and Rockoff, all of the following were among Jefferson's main goals for land policy except:
a. To assure clear property rights to the land owned by individuals.
b. To drive Indians off the land and secure it for American settlers.
c. To provide revenues to the federal government through sales.
d. To spread democratic institutions.
b. To drive Indians off the land and secure it for American settlers.
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If the short run elasticity of supply for a product is 0.8, in the long run elasticity, supply: a. Is inelastic
b. Is unit elastic. c. Is inelastic. d. Any of the above could be true of the product's long run elasticity of supply.
The main reason that President Clinton was forced to revise his campaign promise to cut taxes was that, in 1993, he faced a large
a. balance of payments surplus. b. balance of payments deficit. c. federal budget deficit. d. federal budget surplus.
In the short run, the perfectly competitive firm will always earn an economic profit when
A. P > ATC. B. P = MC. C. P = ATC. D. P > AVC.
The relationship between the price that a perfectly competitive firm can charge buyers and the firm's marginal revenue is that the price is ________ marginal revenue over all output.
A. below B. equal to C. above D. sometimes above and sometimes below