If government is to allocate resources efficiently, _____
a. competition among local governments should be limited in scope
b. local governments should transfer powers to state governments whenever possible
c. public goods should always be provided by the federal government
d. public goods should be devolved to local governments whenever feasible
d
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When two goods are perfect substitutes, averages are better than extremes, resulting a diminishing marginal rate of substitution.
Answer the following statement true (T) or false (F)
Which of the following is true of the rule of 72?
a. The rule of 72 is used to approximate annual real GDP. b. The rule of 72 determines the time required for any value to double if it grows at a constant annual rate. c. The rule of 72 is used to calculate the number of years it takes for any quantity to treble in size. d. The rule of 72 refers to the fact that real GDP doubles every 6 years. e. The rule of 72 refers to the fact that capital growth has consistently contributed 72 percent to the U.S. real GDP.
Over long periods of time, the cyclical rate of unemployment, on average, ________
A) approaches infinity B) approaches a value of one C) should be close to zero D) approaches the natural rate
Consumption spending that is independent of the level of income is known as
a. marginal consumption b. transitory consumption c. permanent consumption d. relative consumption e. autonomous consumption