The federal budget surplus recorded in 1998 resulted from a(n):
a. decrease in taxes and rapid growth in federal outlays.
b. increase in taxes and sluggish growth in federal outlays.
c. decrease in taxes and a decrease in federal outlays
d. increase in federal outlays and taxes.
e. increase in export earnings and decrease in import bills.
b
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Which of the following statements regarding perfect price discrimination is FALSE?
A) Only part of consumer surplus is captured by the firm as producer surplus. B) For the firm, the market demand curve becomes the firm's marginal revenue curve. C) The monopoly produces the output at which the marginal revenue equals the marginal cost. D) No deadweight loss is created.
The marginal propensity to save is defined as:
A) ?C/?Yd. B) ?S/?Yd. C) ?Yd/?C. D) ?Yd/?S.
In the long run, a monopolistically competitive firm
A) earns zero economic profit. B) produces at minimum average cost. C) operates at full capacity. D) All of the above.
Suppose someone offered to give you $1,000,000 five years in the future and the anticipated interest rate is 5 percent. The present value of this offer would be worth approximately
A) $784,000. B) $500,000. C) $1,050,000. D) $286,000.