An appreciation in the U.S. dollar benefits which of the following groups of people?
a. All people living in the United States
b. U.S. producers who export farm equipment to other countries
c. U.S. consumers who buy imported automobiles
d. Foreigners who wish to travel to the United States
e. U.S. consumers who buy only goods made entirely in the United States
c
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For the U.S. federal government, discretionary expenditures refer to
A) spending on entitlement programs. B) spending on imports and exports. C) spending on interest on federal debt. D) spending that must be authorized by Congress each year.
Suppose a price floor on sparkling wine is proposed by the Health Minister of the country of Vinyardia. What will be the likely effect on the market for sparkling wine in Vinyardia?
A) Quantity demanded will decrease, quantity supplied will increase, and a surplus will result. B) Quantity demanded will increase, quantity supplied will decrease, and a shortage will result. C) Quantity demanded will increase, quantity supplied will decrease, and a surplus will result. D) Quantity demanded will decrease, quantity supplied will increase, and a shortage will result.
In two-part pricing with identical consumers, a firm
A) charges a lump-sum fee equal to the consumer surplus. B) sets unit price below marginal cost. C) should go with single-price monopoly pricing to maximize profits. D) Both A and B.
To maximize profits in the off-peak period, the ________ marginal revenue is set equal to the ________ marginal cost.
A) off-peak; short-run B) off-peak; long-run C) peak; long-run D) peak; short-run