TARP was created during the Presidency of
A. President G.W. Bush.
B. President B. Obama.
C. President G.H.W. Bush and only implemented by President G.W. Bush.
D. President Clinton and only implemented by President G.W. Bush.
Answer: A
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To help pay for the cost of sport related injuries, the government imposes a tax on sellers of all sports equipment. The sports equipment consumers' share of this tax would be greater than that shown in the above figure
A) only if the demand was more elastic. B) only if the demand was more inelastic. C) only if the supply was more elastic. D) if either the demand was more inelastic or the supply more elastic.
The fastest growing category of government expenditure is
A) transfer payments. B) defense spending. C) grants to state and local governments. D) government purchases.
An agricultural corn market faces a positive supply shock due to a beneficial rainy season and the use of new genetically modified seeds. As a result, farmers face the largest crop harvest in decades
Which answer below explains how a farm could actually go bankrupt under this scenario. A) The elasticity of supply for corn is elastic such that a positive shock reduces total revenue. B) The demand for corn is inelastic such that a positive supply shock reduces total revenue. C) An inelastic demand curve will cause revenue to fall because price decreases by more than the increase in quantity demanded. D) B and C
When resources are NOT allocated efficiently, we have ________________.
A. Answered the basic economic questions B. A market failure C. A government failure D. Market equity