In 2009, which category accounted for the highest share in the U.S. exports?
a. Industrial supplies
b. Capital goods
c. Services
d. Consumer goods
c
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Refer to the table above. What is the average fixed cost of producing 110 units of the good?
A) $1.36 B) $1.72 C) $37.50 D) $150
Moral hazard in a transaction hurts
a. The seller only b. The buyer only c. Both parties d. None of the parties
Producer surplus is usually less than profit
a. True b. False
According to Professor Baotai Wang who examined the crowding out phenomenon in Canada between 1961-2000, as discussed in the Case in Point, which of the following categories of government expenditures are most likely to lead to crowding out?
A) expenditures for health and education B) expenditures for infrastructure and capital C) expenditures for the protection of persons and property, including defense spending D) expenditures for government and social services