Over the last 20 years, American APS has
A. never been above 0.1.
B. sometimes been above 0.1.
C. usually been above 0.1.
D. always been above 0.1.
A. never been above 0.1.
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Medical research that results in a cure for a serious disease produces positive externalities. What is the impact of this positive externality on economic efficiency?
A) At equilibrium, less than the economically efficient quantity of medical research is produced. B) At equilibrium, more than the economically efficient quantity of medical research is produced. C) A deadweight loss occurs because at equilibrium the marginal social cost of medical research is greater than the marginal social benefit. D) A deadweight loss occurs because at equilibrium the marginal social cost equals the marginal social benefit.
Based on this graph, in most years there is a ______.
a. budget surplus
b. budget deficit
c. balanced budget
d. recessionary budget