A sharp reduction in the U.S. debt-GDP ratio occurred
A) between 1998 and 2001 .
B) between 1996 and 1997.
C) between 1994 and 1995.
D) between 1993 and 1995.
A
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The effect of the invisible hand is likely to be the strongest under which market structure?
A) Oligopoly B) Monopoly C) Perfect competition D) Monopolistic competition
Binding price floors cause a surplus in the market
a. True b. False Indicate whether the statement is true or false
Suppose the government has declared beer to be an illegal substance and imposes a fine on any person caught selling a beer. Buying beer, however, remains legal
Using the above figure, in which CBL is the cost of breaking the law, what is the equilibrium price and quantity with this new law in effect? A) $5 per quart and 300 quarts of beer B) $3 per quart and 500 quarts of beer C) $3 per quart and 100 quarts of beer D) $1 per quart and 300 quarts of beer
Which of the following is an explicit cost?
a. The wages a firm pays to its workers b. The opportunity cost of an owner/entrepreneur's time invested in the firm c. The opportunity cost of the money the business owner/entrepreneur has invested in the firm d. The price of the business owner's/entrepreneur's land used for constructing a factory and a warehouse.