In 2009, the United States had its largest peacetime deficit. How much did the federal government spend over its revenue in that year?
a. $582 trillion
b. $1.4 billion
c. $1.4 trillion
d. $582 billion
c. $1.4 trillion
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Mercosur is a trade agreement between nations
A) in Southeast Asia. B) in South America. C) in South Africa. D) in Southern Europe.
Cookies would be considered:
A. a common resource. B. a private good. C. a public good. D. an artificially scarce good.
Goods are scarce when:
a. their price is too low. b. their price is too high. c. the amount people want is more than the amount available at a zero price. d. people want less of something as compared to what is available. e. their prices are controlled.
Exhibit 8-12 Marginal revenue and cost per unit curves
If price is equal to OD for the firm shown in Exhibit 8-12, total profit is maximized when:
A. output is X. B. output is Y. C. output is Z. D. output is greater than Z.