A government annually collects $230 billion in tax revenue and allocates $70 billion to military spending. What percentage of this government's budget is spent on its military?
a. 27.50%
b. 36.63%
c. 30.43%
d. 41.90%
c. 30.43%
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If a profit-maximizing firm hires an additional unit of labor, what must be true about labor's wage and marginal revenue product?
a. Its wage always equals its marginal revenue product. b. Its wage is always greater than its marginal revenue product. c. Its wage is always total revenue minus marginal revenue product. d. Its wage is always greater than or equal to its marginal revenue product. e. Its wage is always less than or equal to its marginal revenue product.
What has been the range of federal spending as a percentage of GDP since 1960?
a. 10 percent to 12 percent b. 13 percent to 15 percent c. 18 percent to 22 percent d. 25 percent to 30 percent
In the extended version of the circular flow model,
a. resources flow from the government to households b. resources flow from firms to households c. taxes flow from firms to the government d. resource payments flow from households to firms e. imports flow from firms to foreign economies
If there is no single strategy that is best regardless of other players' behavior:
A. the dominant strategy will be to defect. B. there is no dominant strategy. C. a noncooperative equilibrium is the only possible outcome. D. the game is called a Prisoners' dilemma.