All of the following are possible explanations for the increase in U.S. government budget deficits as a percentage of GDP since the early 2001 EXCEPT
A) increases in tax revenues.
B) increases in payments for entitlements.
C) increases in government spending.
D) decreases in tax rates.
A
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Which of the following is true regarding tacit collusion?
A) It is an informal, unstated agreement. B) It is illegal. C) It is more likely to occur when the price elasticity of demand is large. D) It is more likely to occur when barriers to entry are low.
How do you calculate a percentage change in quantity if given an elasticity of demand and a percentage change in price?
What will be an ideal response?
The barrier to entry protecting cable companies is primarily
A. ownership of a scarce factor of production. B. network effects. C. economies of scale. D. patents.
Hector has $2,000 a month to spend on clothing and food. The price of clothing is $50 and the price of food is $20. Hector spends his entire income when he purchases ________ units of clothing and ________ units of food.
A. 24; 40 B. 20; 20 C. 32; 16 D. 50; 10