The tables show the spending and revenue for Littleland in 2010. Use the tables and other information to answer the questions. Spending category Value (millions) education $320 welfare and Social Security $890 health care $270 defense $120 payments on debt $170* other $240 *This payment covers total interest owed only. Revenue category Value (millions) income tax $800 sales tax $270 corporate tax $300 social insurance $340 GDP in 2010: $7.3 billion Total debt as of 2009: $3.5 billion How much money (in millions) did Littleland need to borrow in 2010 to finance its government spending

Which of the following accurately describes a surplus? a. consumer demand for a certain car is below the number of cars that are produced. b. the production costs for a certain car are below the sale price of that car. c. a reduction in the cost of steel enables a car company to reduce the sale price of its cars. d. a car company tries to charge too high a price for a car and has to reduce the price. 2b2t

Match the steps for conducting an informational interview with the tasks in each step.

Suppose a firm faces a fixed price of output, 푝푝= 1200. the firm hires workers from a union at a daily wage, 푤푤, to produce output according to the production function 푞푞= 2퐸퐸12. there are 225 workers in the union. any union worker who does not work for this firm is guaranteed to find nonunion employment at a wage of $96 per day. a.what is the firm’s labor demand function? b.if the firm is allowed to choose 푤푤, but then the union decides how many workers to provide (up to 225) at that wage, what wage will the firm set? how many workers will the union provide? what is the firm’s output and profit? what is the total income of the 225 union workers? c.now suppose that the union sets the wage, but the firm decides how many workers to hire at that wage (up to 225). what wage will the union set to maximize the total income of all 225 workers? how many workers will the firm hire? what is the firm’s output and profit? what is the total income of the 225 union workers? [hint: to maximize total income of union, take the first order condition with respect to w and set equal to 0.]