During 1970-1997, the U.S. federal government was
A) in surplus every year.
B) balanced every year.
C) in deficit every year.
D) in deficit most of those years.
Answer: C
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________ is the ability of an individual, a firm, or a country to produce a good or service at a lower opportunity cost than competitors
A) Autarky B) Absolute advantage C) Comparative advantage D) Specialization
For a given increase in price, the greater is the elasticity of supply, the greater is the resulting a. decrease in quantity supplied. b. decrease in supply
c. increase in quantity supplied. d. increase in supply.
During the 2009-2010 stimulus debate, Republicans argued that increases in government spending would be more effective than decreases in taxes
a. True b. False Indicate whether the statement is true or false
The likelihood of successful collective action:
A. generally does not depend on the size of the group. B. can be lower for small groups. C. can be higher for large groups. D. can be lower for large groups.