The federal government spends
A. slightly more on defense than on Social Security.
B. slightly more on Social Security than on defense.
C. about the same on Social Security as on defense.
A. slightly more on defense than on Social Security.
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Which government agency publishes four-firm concentration ratios?
A) the Economic Council B) the U.S. Bureau of the Census C) the Federal Reserve System D) the Treasury Department
If the absolute price elasticity of demand for good A is 0.2, when there is a 10 percent increase in price, we can conclude that quantity demanded
A. has fallen by 20 percent. B. has fallen by 50 percent. C. has fallen by 5 percent. D. has fallen by 2 percent.
Suppose Jeremy's marginal utility from attending his 10th San Antonio Spurs game was 50 and the marginal utility from attending his 1st Rihanna concert was 70. Assume that the price of a Spurs ticket is $30 and the price of a Rihanna ticket is $100. Which of the following would be TRUE?
A. Jeremy would not alter his behavior. B. Jeremy would attend more Spurs games and less Rihanna concerts. C. Jeremy would attend more Rihanna concerts and less Spurs games. D. Jeremy would attend less of both Spurs games and Rihanna concerts.
A backward-bending labor supply curve implies that
A) the substitution effect dominates the income effect at higher wage rates but not at lower wage rates. B) the substitution effect dominates the income effect at lower wage rates but not at higher wage rates. C) leisure is an inferior good. D) workers are irrational.