Federal government purchases, as a percentage of GDP
A) have fallen since the early 1950s.
B) have remained roughly the same since the early 1950s.
C) rose from the early 1950s until the mid 1980s, and then fell.
D) have risen since the early 1950s.
A
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Increasing marginal returns to labor
A) occur when a particularly efficient worker is employed. B) describe the portion of a total product curve where the marginal product is negative. C) mean that two workers produce less than twice the output of one worker. D) are the result of specialization and division of labor in the production process. E) occur only when there are increasing marginal returns to capital.
Utility as an economic term refers to
a. the amount of electricity generated. b. the ability of a good to satisfy a want. c. tangible goods only. d. services only.
Give, and explain, an example of conflict between objectives in considering an investment proposal
What will be an ideal response?
One disadvantage of a fixed exchange rate system compared to a floating or managed float exchange rate system is
A) it more difficult for central banks to control inflation. B) it does not allow for government intervention. C) it can worsen inflation if domestic prices of imports rise quickly. D) it eliminates the possibility of depreciation during a recession.