The incentive structure is a
A) system of rewards and punishments that individuals consider when making decisions.
B) system determined by the federal government that gives certain states more federal funds.
C) system of infrastructure in the United States that improves commerce.
D) system of checks and balances in the government.
Answer: A
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Engel's Law asserts that consumer expenditures on daily food in the aggregate decline as incomes rise. This explains the decreased demand for daily foods and the increased U.S. demand for exotic foods
Indicate whether the statement is true or false
In 1932, Walter Cannon of the Harvard Medical School coined the phrase ________________ to refer to the alerted condition of the body as it prepares for physical battle or escape
a. Terror or fright b. Push or pull c. Punch or race d. Flight or fight syndrome
Assume the following cost information about Fred's widget company: Its fixed cost is $27, and its total variable cost is $18 for 1 unit; $33 for 2; $45 for 3; $60 for 4; and $78 for 5 . Given this information: a. the marginal cost of providing the second unit is $15. b. the total cost of producing 4 units is $87
c. the average total cost of producing five units is $21. d. all of the above are true.
The federal government funds deficit spending by: a. issuing bonds
b. redeeming bonds. c. increasing taxes. d. providing and selling government services.