The largest budgetary expense for a typical state or local government is
a. public order and safety.
b. welfare.
c. highways.
d. education.
d
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In the equation of exchange, an increase in M of 8 percent could be accompanied by changes in velocity, the price level and real GDP of:
a. -2%, 3%, 3%. b. 4%, 0%, 4%. c. 2%, 8%, 8%. d. 8%, 8%, 4%.
Which of the following is least likely to be included in a definition of basic human needs?
a. A minimal level of clothing b. A minimal level of health care c. A minimal level of savings d. A minimal level of shelter e. A minimal level of calorie intake
Economic theory suggests
A) social order is maintained only when people act in the public interest. B) as a rule, people cooperate more effectively when they're selfish compared to when they're generous. C) a great deal of effective cooperation can occur in the presence of minimal generosity and also without a great deal of government guidance and control. D) none of the above.
The law of increasing opportunity costs causes the production possibilities curve to:
a. be a straight line. b. slope upwards. c. have a bowed-out shape. d. shift inward.