The balance between maximizing a society's income and an equal distribution of that income is an illustration of
a. scarcity
b. trade-offs.
c. the forces of supply and demand.
d. none of the above.
b
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If the government's spending exactly equals its revenues during a budget year, that government is
A) running a budget deficit. B) experiencing a budget surplus. C) balancing its budget. D) paying off its public debt.
An oligopoly is characterized by:
a. a relatively small number of firms b. either differentiated or undifferentiated products c. actions of any individual firm will affect sales of other firms in the industry d. a and b e. a, b, and c
Demand shows
a. the various quantities people are willing and able to buy at various prices, ceteris paribus. b. the various quantities people are able and willing to buy at various prices. c. the various prices people face when buying. d. how much people buy at one specific price.
If a production process generates pollution, then a competitive market will
A) produce more of the good than is socially optimal. B) produce less of the good than is socially optimal. C) produce the socially optimal quantity of that good. D) produce zero output.