The United States Constitution states that
A. Congress and the President must agree on spending.
B. a law must be passed to approve spending for a government activity that Congress and the President agree on.
C. a law must be passed to approve spending for a government activity.
D. the President may spend money according to his/her own priorities.
Answer: C
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The transformation of an invention into something that benefits the economy is known as
A) a compounder. B) an externality. C) an innovation. D) a patent.
Which if the following is a key difference between profit-oriented institutions (such as small businesses) and non-profit institutions (such as governments, hospitals, or schools)? Profit-oriented institutions
A) are usually competitive rather than cooperative. B) have a recognized residual claimant. C) pursue private interests rather than the public interest. D) rely on monetary incentives to secure the cooperation required for their functioning. E) work through market processes.
Recall the Application about the free-agent market for professional baseball pitchers to answer the following question(s).Recall the Application. The market for baseball players suffers from adverse selection because ________ the used car market, buyers (potential new teams) ________ goods (pitchers) that are lemons (low quality).
A. unlike; have difficulty identifying B. like; have difficulty identifying C. unlike; can more easily identify D. like; can more easily identify
Related to the Economics in Practice on p. 475: During normal economic conditions, a software company like Oracle is likely to have an inventory turnover ratio that is ________ an appliance manufacturer like Whirlpool.
A. larger than B. smaller than C. close to zero compared to D. equal to