The minimum point on the average variable cost curve is called
A) the shutdown point.
B) the break-even point.
C) the loss-minimizing point.
D) the point of diminishing returns.
Answer: A
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Which of the following is projected to rise from 8.3 percent of GDP in 2009 to about 13 percent by 2035 and about 20 percent in 2080?
a. Defense spending b. Medicare and Social Security spending c. interest payments on national debt d. infrastructure spending
Unemployment that occurs from fundamental technological changes in the production, or from the substitution of new goods for customary ones, is known as:
A. cyclical unemployment. B. seasonal unemployment. C. frictional unemployment. D. structural unemployment.
An advantage offered by pollution taxes that is not offered by command-and-control policies is that:
A. under pollution taxes, pollution is usually reduced to zero. B. a pollution tax decreases the price of the polluting good. C. under pollution taxes, the government receives tax revenues that may be used to clean up pollution. D. pollution taxes decrease the demand for the good generating the pollution.
Which of the following statements is TRUE?
A) Government spending as a percent of total national income has continuously decreased since the 1950s. B) Transfer payments are money payments made by the government for which no goods or services are currently received. C) Education is the largest category of federal government expenditures. D) Transfers in kind include Welfare, Social Security, and unemployment insurance benefits.