A budget surplus is the
A. total amount owed by the federal government.
B. amount by which expenditures exceed revenues.
C. amount by which revenues fall short of projections.
D. amount by which revenues exceed expenditures.
Answer: D
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Which statement is true?
A. Virtually all of the poor receive public assistance, but not food stamps. B. Virtually all of the poor receive food stamps, but not public assistance. C. Virtually all of the poor receive public assistance and food stamps. D. None of these statements are true.
Total producer surplus in a market is measured as the
A) area bounded above the market clearing price and beneath the market demand curve. B) area bounded below the market clearing price and above the market supply curve. C) vertical distance from the horizontal (quantity) axis to the market clearing price. D) horizontal distance from the vertical (price) axis to the equilibrium quantity.
The graph above represents a competitive market for a product where the government has set a price ceiling of 0A. What quantity will buyers be able to buy after the imposition of the price ceiling?
a. KL b. 0L c. JL d. 0J
Markets are usually preferred by economists for efficient transactions. However, Ronald Coase noted that administrative solutions may be superior because market transactions are:
A. never achieved at the equilibrium price. B. always result in a price that clears the market. C. not costless. D. hindered by technological change.