Historically, the largest U.S. federal budget deficits as a percentage of GDP in the 20th century occurred during
A) World War I and World War II.
B) the Great Depression.
C) 1970-1997.
D) the Vietnam war.
E) 1998-1999.
Answer: A
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Refer to Figure 13-15 to answer the following questions
a. What is the profit-maximizing output level? b. What is the profit-maximizing price? c. What is the average total cost at the profit-maximizing output level? d. What area represents the firm's profit? e. At which output level are economies of scale exhausted? f. Does this graph most likely represent the long run or the short run? Why?
Demand and supply in the wheat market are given by:
QD = 2000 - 1000 P and QS = -500 + 1000 P where Q is millions of bushels and P is price per bushel. a. Find the equilibrium price and quantity. b. Suppose that the government wishes to support farm income and thus sets a price floor of $1.50/bushel. Find the size of the farm surplus. c. What is the cost of this program to the government?