Government spending is funded by a system of
A. taxation and borrowing.
B. checks and balances.
C. policies and laws.
D. states and cities.
Answer: A
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Normative statements i. describe how the world is. ii. describe how the world ought to be. iii. depend on people's values and cannot be tested
A) i only B) ii only C) iii only D) ii and iii E) i and iii
Since it spent over $3.6 trillion in 2010, opportunity cost was not an issue for the U.S. government
a. True b. False Indicate whether the statement is true or false
Which of the following cases violates the property of transitivity?
A. A > B, B > C, A > C. B. A ~ B, B ~ C, A ~ C. C. A > B, B > C, C > A. D. None of the statements violates the transitivity property.
GDP is the market value of:
A. national income distributed to producers, consumers, and investors in an economy. B. economic resources used in the production of annual output in an economy. C. all final goods and services produced in an economy in a given year. D. consumption and investment spending in an economy in a given year.