Which of the following federal government expenditures is the largest burden on the budget?
A. social security
B. medicare and medicaid
C. defense
D. interest on national debt
C. defense
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Functional divisions
a. Make it easier to tie pay to performance b. Make it more difficult to tie pay to performance c. Break all ties between pay and performance d. None of the above
The sum of all past budget deficits and surpluses of the federal government is the
a. budget deficit. b. budget surplus. c. national debt. d. trade deficit.
A monopolist produces
a. more than the socially efficient quantity of output but at a higher price than in a competitive market. b. less than the socially efficient quantity of output but at a higher price than in a competitive market. c. the socially efficient quantity of output but at a higher price than in a competitive market. d. possibly more or possibly less than the socially efficient quantity of output, but definitely at a higher price than in a competitive market.
For some products, quality is virtually impossible to determine prior to purchase. If sellers of such commodities are rational, they will cheat or engage in unethical behavior only when:
A. production exhibits positive externalities. B. laws allow unethical behavior. C. the expected gains are greater than the expected costs. D. the expected gains are equal to the expected costs.