Which of the following accounted for the highest percentage of state and local spending?
a. education and health care
b. police and fire protection
c. highways
d. social security
a
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If the federal funds rate ________.
A. decreases, the prime rate will not change B. increases, the prime rate will decrease C. increases, the prime rate will increase D. decreases, the prime rate will increase
Consider two individuals, Jesse and April, who hand paint kites and snowboards. Table 3.1 shows how much of each good Jesse and April can paint in one hour. Jesse's opportunity cost of painting one kite is painting
A) 1/12 of a snowboard. B) 1/8 of a snowboard. C) 1/3 of a snowboard. D) 3 snowboards.
The market-clearing curve for substitutes is:
A. horizontal. B. downward-sloping. C. vertical. D. upward-sloping.
Hold-up problems usually occur when
a. One of the parties makes a heavy investment in equipment specific to its trading partner b. One of the firms decides to invest heavily in general purpose equipment c. Costs are avoidable d. Costs are incurred