Between 1998 and 2001, the federal budget was:
a. never in surplus.
b. never in deficit.
c. in surplus.
d. in surplus about as often as it was in deficit.
c
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Refer to Table 4-3. The table above lists the marginal cost of polo shirts by Marko's, a firm that specializes in producing men's clothing. If the market price of Marko's polo shirts is $18
A) producer surplus will equal $22. B) Marko's will produce four shirts. C) there will be a surplus; as a result, the price will fall to $7. D) producer surplus from the first shirt is $18.
Falling transportation costs in the 19th century
a. fostered regional specialization according to comparative advantage. b. created increasing lags for price declines along the Mississippi. c. propelled the process of western expansion. d. All of the above. e. Both a and c are correct.