Majority-rule voting leads to logrolling.
Answer the following statement true (T) or false (F)
True
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When there is excess supply of a product in a market,
a. price will tend to rise. b. price must be above the equilibrium price. c. producers will expand output and sales will rise. d. price must be below the equilibrium price.
The persistent budget deficits of recent decades are
What will be an ideal response?
Small areas within which especially favorable investment and trading conditions are created by governments in order to attract export-oriented industries.
a. export-processing zones b. maquiladoras c. back offices d. export oriented ancillary services export zones
A firm produces a good and generates $5 million in receipts. Wages are $3 million, rent is $500,000, and interest payments are $1 million. Then
A) profits are $500,000, the cost of production is $4.5 million, and households receive income equal to $4.5 million. B) profits are $500,000, the cost of production is $5 million, and households receive income equal to $4.5 million. C) profits are $500,000, the cost of production is $5 million, and households receive income equal to $3.5 million. D) profits are $500,000, the cost of production is $5 million, and households receive income equal to $5 million.