From 2000 to 2010, the public sector share of total output
A. Trended up for state and local governments and up for the federal government.
B. Remained stable for the federal government but trended up for state and local governments.
C. Trended up for state and local governments and down for the federal government.
D. Remained stable for state and local governments but trended up for the federal government.
Answer: A
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The income effect of a price change refers to
A) the change in demand that occurs when both income and price change. B) the change in demand that occurs when consumer income changes. C) the change in the quantity demanded of a good that results from the effect of a change in price on consumer purchasing power, holding everything else constant. D) the change in the quantity demanded that results from a change in price, making the good more or less expensive relative to other goods, holding everything else constant.
A price-discriminating firm will always maximize profit by following the condition that
a. MR > MC. b. MR > P. c. MRa = MRb = MC. d. MR = ATC.
Sharon buys some common stock in 1990 for $10,000 and sells it in 2000 for $15,000 . During the same period, prices have risen by 75 percent. The net result of Sharon's stock purchases is that she will
a. pay no taxes because she earned negative real capital gains. b. lose purchasing power and have to pay taxes anyway. c. earn a real capital gain of $5,000 plus 75 percent. d. earn a real capital gain of $15,000 minus 75 percent.
Peet's Coffee and Teas produces some flavorful varieties of Peet's brand coffee. Is Peet's a monopoly?
A) No, Peet's is not a monopoly because there are many branches of Peet's. B) Yes, Peet's is the only supplier of Peet's coffee in a market where there are high barriers to entry. C) Yes, there are no substitutes to Peet's coffee. D) No, although Peet's coffee is a unique product, there are many different brands of coffee that are very close substitutes.