If government spending is $650 billion while government revenue is $950 billion, the government is said to have a
A) $300 billion budget surplus. B) $300 billion budget deficit.
C) $1,600 billion budget balance. D) $950 billion budget deficit.
A
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The most important determinant of the price elasticity of demand for a good is
A) the share of the good in the consumer's budget. B) whether the good is a necessity or a luxury. C) the definition of the market for a good. D) the availability of substitutes for the good.
One reason firms in monopolistic competition can charge different prices is that their products are
a. identical. b. similar. c. differentiated. d. guaranteed.
As compared to a perfectly competitive firm, a monopolistically competitive firm will:
A. have less control over price. B. face more barriers to entry. C. face more competitors. D. sell a more differentiated product.
The relationship in the above figure indicates that
A) a decrease in the interest rate leads to a decrease in household income. B) a decrease in household consumption leads to a decrease in interest rates. C) a decrease in household income will lead household consumption to increase. D) none of the above.