Mandatory spending makes up
A. well over half of all spending.
B. well under half of all spending.
C. just under exactly half of all spending.
D. just over half of all spending.
Answer: A
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At that amount of output where diminishing marginal returns first sets in
A) total product will begin to decline. B) average product will begin to decline. C) marginal product will begin to decline. D) all of the above
In the RBC model, supply shocks
A) are always favorable by definition, but come at irregular intervals. B) are always adverse by definition, but come at irregular intervals. C) alternate between favorable and adverse shocks. D) follow demand shocks with the opposite effect on output.
The marginal rate of technical substitution always equals
A) the slope of the total product curve. B) the ratio of the marginal products of inputs. C) the change in output due to a change in the amount of one input. D) the distance between two isoquants.
A perfectly competitive producer faces a demand curve for its own product that is
A) downward sloping. B) upward sloping. C) horizontal. D) vertical.