Government expenditures as a share of the U.S. economy are:
A. the largest in the world.
B. the smallest in the world.
C. smaller than most Western European countries.
D. larger than Canada, France, and the United Kingdom but slightly smaller than Germany and Italy.
Answer: C
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Nick has $300 a month to spend on detailing his sports car or buying bottles of good wine. It costs $100 to have his car detailed and $50 for a bottle of wine. He currently buys four bottles of wine and has his car detailed once a month. If the price of detailing his car decreased to $75, Nick's budget constraint:
A. would shift straight outward, because he is relatively wealthier. B. would rotate and change slope because relative prices have changed. C. would shift straight inward because he is relatively wealthier. D. One cannot determine what would happen without knowing Nick's marginal utility of each good.
In making comparisons of personal income among countries, care must be exercised because in poor countries much of what is produced does not pass through markets and thus does not get counted in the nation's income.
Answer the following statement true (T) or false (F)
Which of the following products will have elastic demand?
A. Travel souvenirs. B. Cigarettes. C. Alcohol. D. Gasoline.
If demand is represented as Qd = 18 - 6P and supply is represented as Qs = 3 + 9P, the demand curve intersects the y axis at a price of ________ and the supply curve intersects the y axis at a price of ________.
A. $18; $3 B. $21; $15 C. $12; $12 D. $6; $9