A wildlife preserve provides what type of economic benefits?
a. Use values only
b. Non-use values only
c. Existence values only
d. Direct and indirect use values only
e. Both use and non-use values
Answer: e. Both use and non-use values
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Profit is maximized at the output at which marginal revenue equals marginal cost.
Answer the following statement true (T) or false (F)
Which of the following is heavily subsidized by state and local governments?
A) Medicare B) Social Security C) public education D) food stamps
Suppose GDP for 2009 was $1,500, wages and salaries were $800, rent payments were $200, consumption was $1000 . and interest payments were $200 . What must the value of profits have been?
a. $200 b. $500 c. $0 d. $100 e. $300
When the U.S. government provides military aid to other governments, this enters into the U.S. balance of payments account as
a. merchandise exports b. merchandise imports c. income payments on investments d. unilateral transfers e. change in U.S. assets abroad