An entitlement is
A) government spending on things like military salaries.
B) guaranteed benefits under some government programs.
C) another word for a government budget surplus.
D) the payments to the private sector in exchange for goods and services.
B
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Molly just graduated from high school. The figure shows her possibilities frontier. If Molly goes to college, she will move from point M to point K. In terms of consumption goods, Molly's opportunity cost of going to college is
A) MK. B) OL. C) KL. D) LM.
The above figure shows the marginal private benefit and marginal social cost of a college education. If society's external benefits from college graduates is $10,000 each, then the
A) marginal social cost curve lies $10,000 to the left of the private marginal benefit curve. B) marginal social cost curve lies $10,000 to the right of the private marginal benefit curve. C) marginal social benefit curve lies $10,000 below the private marginal benefit curve. D) marginal social benefit curve lies $10,000 above the private marginal benefit curve.
The structural deficit or surplus
a. shows the government where to make cuts in expenditures to follow the balanced budget requirement. b. reveals the complicated structure underlying government spending and tax policy. c. is the hypothetical deficit or surplus under current fiscal policies if the economy were operating near full employment. d. includes all government budgets-federal, state, and local.
Negotiation between the buyer and seller of a new ski boat is an example of:
A. producer?producer rivalry. B. consumer?consumer rivalry. C. consumer?producer rivalry. D. None of the statements associated with this question are correct.