In the table above, what does the private sector surplus equal?
A) $500 billion
B) $350 billion
C) $150 billion
D) $0
C
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The concept of economic rent applies to
A. all wage and salary earners. B. no wage or salary earners. C. only owners of real estate. D. people with rare valuable skills.
For a monopolist, marginal revenue is
a. equal to price, as it is for a perfectly competitive firm. b. less than price, as it is for a perfectly competitive firm. c. equal to price, whereas marginal revenue is less than price for a perfectly competitive firm. d. less than price, whereas marginal revenue is equal to price for a perfectly competitive firm.
Instrumental variables requires that the variable not be correlated with the outcome variable.
A. True B. False C. Uncertain
An estimate of a household's long-run average income is called:
A. permanent income. B. disposable income. C. per capita income. D. transitory income.