Which one of the following events contributed to U.S. government budget surpluses?
a. World War II
b. defense spending decline in the 1990s
c. recession of 2008–2009
d. tax cuts of 2001
b. defense spending decline in the 1990s
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The Clinton administration inherited a budget deficit from its predecessor. President Clinton instituted major tax increases that
A) reduced the budget deficit but increased the federal debt. B) reduced the size of the deficit but could not eliminate it. C) increased the budget deficit during his entire term. D) brought the budget into balance and eventually into a surplus.
Refer to Figure 16-6. If Sensei acts as a monopolist and charges the profit-maximizing price, what is his producer surplus?
A) the area A + C + H B) the area A + B + C + D + H + G C) the area B + D + G D) the area C + D + H + G
Suppose an industry is composed of 10 firms. Each firm's share of total sales in the industry is 10 percent. If two of the firms merge, then the four-firm concentration ratio in the industry is
A) 40 percent. B) 45 percent. C) 50 percent. D) unable to determine.
Which of the following is a public good?
a. An economics lecture. b. A television set. c. Higher education. d. Housing. e. Clean air