Since 1980, our national debt as a percentage of GDP has
A. risen.
B. fallen.
C. stayed about the same.
A. risen.
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Given a downward-sloping linear demand curve, if total revenue decreases as quantity of output increases, marginal revenue must be ________.
A. positive and demand is inelastic B. negative and demand is inelastic C. negative and demand is elastic D. positive and demand is elastic
Appendix: Auctions are used in place of markets when the items traded are unique (e.g., a Ming vase or a right to drill for oil). Which of the following examples are typically sold using Vickrey auction methods?
a. For-sale-by-owner houses b. Household furnishings c. Items sold in Filene's Basement, with the price discounted after a certain date d. Vintage postage stamps
Social Security, officially known as Old Age and Survivors Insurance (OASI),
a. collects funds from current workers and invests them in order to provide these workers with a stream of income during the retirement phase of life. b. is based on the same principles as private insurance programs. c. is an intergenerational income transfer program. d. is a voluntary savings program run by the government.
Refer to the information provided in Figure 6.2 below to answer the question(s) that follow.
Figure 6.2Refer to Figure 6.2. Mr. Lingle's budget constraint is AC. His choice set is all points
A. along budget constraint AC. B. to the right of budget constraint AC. C. along the vertical and horizontal axes. D. in the area bounded by OAC.