If after a change in an allocation it can be demonstrated that the value of the gains exceeds the value of the losses, then the change is said to be potentially efficient.
Answer the following statement true (T) or false (F)
True
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The health care system currently in place will be dramatically changed in the next four years.
A. True B. False C. Uncertain
Suppose a perfectly competitive market results in a long-run equilibrium price of $8 and quantity of 500. If this same market were a monopoly, which of the following price and quantity combinations would be the most likely?
A. Price: $10, Quantity: 350 B. Price: $8, Quantity: 500 C. Price: $6, Quantity: 650 D. Price will equal marginal revenue and quantity will be found where marginal revenue equals marginal cost.
An increase in total planned real expenditures that is caused by a factor other than the price level will lead to the
A. aggregate supply curve shifting to the right. B. aggregate supply curve shifting to the left. C. aggregate demand curve shifting to the left. D. aggregate demand curve shifting to the right.
One reason for the success that firms have in getting the government to erect and maintain barriers to foreign competition is members of Congress who engage in logrolling, where members in districts with protected industries
A) agree to trade votes on issues that concern other members in order to uphold tariffs. B) are permitted to not only cast their own votes but also cast votes for other Congressional members in their home state with respect to any bills involving the protected industry. C) are legally allowed to give cash payments to other members of Congress to secure their support for the protected industry. D) can bypass presidential approval of a bill involving the protected industry and have members of Congress directly sign the bill into law.