If demand is elastic and price is raised, total revenue will
A. rise.
B. fall.
C. stay the same.
D. possibly rise or possibly fall.
B. fall.
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The U. S. budget has
A. always been in deficit since World War II. B. usually been in deficit, with a few periods of surpluses. C. always in balance. D. in balance, with some period of deficit.
A free good lacks the element of
a. usefulness. b. scarcity. c. transfer ability. d. tangibility.
Suppose the production of a good results in positive externalities. If output occurs at the intersection of the marginal social benefits curve and the supply curve, then
A. output will be at the socially optimal level. B. the price of the product will be the same as it was when all benefits were not taken into account. C. more output will be produced than if all benefits were not taken into account. D. a and c E. a, b, and c
The subject of borrowing by the U.S. from its citizens and from other countries, has resulted in one of the fiercest policy debates in recent years
a. True b. False Indicate whether the statement is true or false