After 1970, the share of federal spending allocated to national defense:
a. declined sharply, while the share allocated to income security increased substantially.
b. rose sharply, while the share allocated to income security declined substantially.
c. was relatively constant, while the share allocated to income security declined modestly.
d. declined modestly, while the share allocated to income security was relatively constant.
a
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When the government places a tax on a product, the cost of the tax to buyers and sellers
a. is less than the revenue raised from the tax by the government. b. is equal to the revenue raised from the tax by the government. c. exceeds the revenue raised from the tax by the government. d. Without additional information, such as the elasticity of demand for this product, it is impossible to compare the cost of a tax to buyers and sellers with tax revenue.
Which one of the following is not a condition for a successful water market?
a. Property rights must be clearly defined b. A system must be in place to resolve conflicts c. Transaction costs must be relatively high d. Water demand must exceed water supply e. Water must be physically transferable
The additional cost resulting from a small increase in some activity is called the:
A. opportunity cost. B. marginal benefit. C. marginal cost. D. diminishing returns of the activity.
During the period following the Revolution,:
a. the populations of the major cities increased dramatically. b. per capita exports decreased slightly for the southern states. c. per capita exports decreased sharply for the southern states. d. on average, per capita exports increased.