A monopoly has
a. A perfectly elastic demand curve
b. A perfectly elastic supply curve
c. A downward sloping demand curve
d. A upward sloping demand curve
c
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Forecasts by the Congressional Budget Office show spending on Social Security, Medicare,
and Medicaid rising from 10.1 percent of GDP in 2015 to ________ percent of GDP in 2090, and by 2090 the federal government will be spending, as a fraction of GDP, ________ on these three programs as it currently spends on all programs combined. A) 16.2 percent; half as much B) 19.8 percent; half as much C) 19.8 percent; nearly as much D) 16.2 percent; nearly as much
When individuals increase their personal wealth through production and exchange, they
What will be an ideal response?
Each citizen in a small town suffers 5 units of irritation for each bushel of leaves burned in the town. The charge for hauling a bushel of leaves to the land fill is a fee equal to 20 units of irritation. There are 25 people in the town, each of whom minimizes personal irritation and has 10 bushels of leaves. In this problem we change several of the assumptions used so far. Individuals now vary in their distaste for carrying leaves to the land-fill. Also, the first 100 bushels burned do not create a problem for anyone because the air could dissipate the smoke without harm. However, after the first 100 bushels the problem sets in as described earlier. How could efficiency be reached under these new circumstances?
What will be an ideal response?
When the government's expenditures exceed its revenues...
What will be an ideal response?