The amount by which the federal government's annual expenditures exceed its annual receipts is the
A) federal debt.
B) federal government budget deficit.
C) federal government budget surplus.
D) federal profit.
B
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Suppose the market-clearing price of milk is $3.00 per gallon, but consumer groups persuade the government to set and enforce a maximum price cap at $2.00 per gallon. The newly legislated price tends to
A) create a surplus of milk. B) increase the demand for milk. C) reduce the supply of milk. D) do all of the above. E) do none of the above.
For a perfectly competitive firm, which of the following is not true at profit maximization?
A) Marginal revenue equals marginal cost. B) Price equals marginal cost. C) Market price is greater than marginal cost. D) Total revenue minus total cost is maximized.
Which of the following is a tax on labor?
a. Medicare tax b. Social Security tax c. federal income tax d. All of the above are labor taxes.
Manufacturers of Weightbegone are concerned that genetic advances in weight control might reduce the demand for their diet snacks. This is an example of
a. firm-specific risk, which will likely raise shareholders' demand for higher return. b. firm-specific risk, which will likely not likely raise shareholders' demand for higher return. c. market risk, which will likely raise shareholders' demand for higher return. d. market risk, which will likely not raise shareholders' demand for higher return.