What best describes state fiscal experience in the late 1920s and early 1930s?
a. Revenues dropped consistently through the period because less was being produced.
b. State spending decreased through the period
c. The growth in state expenditures exceeded the growth of federal expenditures during the same period.
d. States either ran budget surpluses or fairly small deficits.
d. States either ran budget surpluses or fairly small deficits.
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A speculator who incorrectly anticipates a major decline in next year's harvest of some agricultural commodity
A) profits at the expense of consumers. B) profits at the expense of producers. C) sustains losses and increase price variation from this year to next. D) sustains losses but reduce price variation from this year to next.
If a firm is experiencing diseconomies of scale, then the long-run average cost curve is
A) falling. B) rising. C) horizontal. D) shifting.
Government budgets are
A. always adhered to. B. not necessary. C. guides for project analysis. D. easy to create.
The demand curve facing a monopolistically competitive firm is generally
A. steeper than the demand curve that would face a perfectly competitive firm in the same industry. B. less elastic than the demand curve that would face a monopoly in the same industry. C. steeper and more elastic than the demand curve that would face a perfectly competitive firm in the same industry. D. flatter than the demand curve that would face a monopoly in the same industry.