The government budget involves:
A. money coming in as tax revenues.
B. money going out through government purchases.
C. money going out to individuals for programs that do not involve goods or services.
D. All of these are true.
D. All of these are true.
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Refer to Figure 2-3. Carlos Vanya grows tomatoes and strawberries on his land. His land is equally suited for growing either fruit. Which of the graphs in Figure 2-3 represents his production possibilities frontier?
A) Graph A B) Graph B C) Graph C D) either Graph A or Graph B E) either Graph B or Graph C
In the North-South model, how are "basic factors" distinguished from "advanced factors," and what are the implications for growth and development possibilities?
What will be an ideal response?
A(n) ____ is a price taker
a. monopoly firm b. oligopoly firm c. perfectly competitive firm d. monopolistically competitive firm e. duopoly firm
Since the beginning of the millennium, the United States has witnessed closure of many Internet start-up companies. According to the model of perfect competition, these companies must have shut down in the short run because:
a. the price they were charging was too high to attract customers. b. the price they were charging was too low to provide sufficient revenues. c. they were not earning enough revenue to cover their total costs. d. they were not earning enough revenue to cover their total variable costs. e. they were not earning enough revenue to cover their total fixed costs.