The trends in the share of mandatory and discretionary spending suggest that the percentage attributable to
A. mandatory spending is rising but so is the percentage attributable to discretionary spending.
B. mandatory spending is falling but so is the percentage attributable to discretionary spending.
C. discretionary spending rose from the late-1960s through the middle-1990s, but has stabilized.
D. mandatory spending rose from the late-1960s through the middle-1990s, stabilized for a few years, and then began to rise again.
Answer: D
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Suppose we are working with the simplest possible Keynesian-cross multiplier, but with the permanent-income hypothesis figured in. If k = 0.88,
and j = 0.25, the multiplier of a $1 change in government spending goes from ________ in the short run to ________ in the long run. A) 8.33, 1.28 B) 1.28, 8.33 C) 8.33, 4.00 D) 1.13, 4.00 E) 4.54, 8.33
The scope of a firm refers to its
A) vertical boundaries. B) economies of scale. C) horizontal boundaries. D) all of these choices.
When Joe, who is among the highest-paid workers in a field in which there are numerous job openings across the nation, recently became unemployed, his opportunity cost of job search is
A. relatively low, so the length of his period of unemployment is likely to be long. B. average, so the length of his period of unemployment is likely to be long. C. relatively high, so the length of his period of unemployment is likely to be long. D. relatively high, so the length of his period of unemployment is likely to be short.
Given the data in the above table, what is the marginal revenue when the 13th unit is sold?
A. $5.00 B. $1.00 C. $3.00 D. $7.00