A central cause of the rising debt-GDP ratio in the United States during the 1980s and 1990s was
A) the tax cuts of the early 1980s.
B) continuous increases in the military portion of the federal budget.
C) overly-generous indexation of Social Security benefits.
D) deficit-reduction targets.
C
Economics
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In an oligopoly with a collusive agreement, the total industry profits will be smallest when
A) all firms comply with the agreement. B) one firm cheats on the agreement and the other firms do not cheat. C) all firms cheat on the agreement. D) the firms act as a monopoly.
Economics
If a restaurant was a natural monopoly, dividing the restaurant equally into two separate restaurants would
A) increase total revenue. B) make marginal revenue less elastic. C) decrease marginal cost. D) raise average total cost.
Economics