The citizens of a country often refuse to pay voluntarily for defense spending because ________
A) national defense is a common pool resource
B) nobody can be excluded from being defended by the state
C) all citizens do not derive equal satisfaction from national defense
D) national defense is rival in consumption
B
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Larry spends all his $800 monthly income on pizza and gasoline. The price of pizza is $4 a slice, and the price of gasoline is $2 per gallon
If Larry buys 150 slices of pizza per month, his budget constraint will allow him to buy ________ gallons of gas per month. A) 100 B) 80 C) 120 D) 200
Historically, the most important cause of government budget deficits is
a. cutting taxes. b. printing up too much money. c. financing wars. d. electing liberal politicians. e. business cycles.
The American Economic Association limiting its presidential vote to only one candidate is an example of agenda control
a. True b. False
In an unregulated, competitive market we could calculate consumer surplus if we knew the equations representing supply and demand. For this problem assume that supply and demand are as follows: Supply P = 4 + 0.116Q Demand P = 25 - 0
10Q, where P represents unit price in dollars and Q represents number of units sold each year. Calculate the annual value of aggregate consumer surplus.