Education accounts for the largest share of state and local government spending
a. True
b. False
Indicate whether the statement is true or false
True
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How does a decrease in government spending affect the aggregate expenditure line?
A) It shifts the aggregate expenditure line upward. B) It shifts the aggregate expenditure line downward. C) It increases the slope of the aggregate expenditure line. D) It decreases the slope of the aggregate expenditure line.
A monopolistic competitor maximizes profit by producing 600 units of output at a price of $24 per unit. If the average cost of production is $18, the monopolistic competitor earns a profit of:
a. $3,600. b. $2,400. c. $6,000. d. $1,800.
A survey showed that in each of the past 12 months there was one person who was unemployed who worked in all other months. There were also two people who were unemployed for all 12 months. What percentage of the unemployment spells during the year was short term, and what percentage of the unemployment in a given month was long term?
a. 75% was short term; 33.3% was long term b. 75% was short term; 66.7% was long term c. 85.7% was short term; 33.3% was long term d. 85.7% was short term; 66.7% was long term
The cost-benefit model used by economists is:
A. useful because everyone follows it all of the time. B. useful because most people follow it most of the time. C. unrealistic because everyone can think of times when he or she violated the principle. D. unrealistic because it is too detailed and specific to apply to most situations.