The largest category of federal spending is for:
A. health care.
B. science, space, and technology.
C. pensions and income security.
D. national defense.
Answer: C
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Which of the following statements best describes the role of competitive firms within an economy?
a. Smaller economies often have fewer competitive firms making goods within their economy, and thus firms have less pressure from other firms to provide the goods and prices that consumers want. b. Smaller economies often have fewer competitive firms making goods within their economy, and thus firms have more pressure from other firms to provide the goods and prices that consumers want. c. Larger economies often have fewer competitive firms making goods within their economy, and thus firms have less pressure from other firms to provide the goods and prices that consumers want. d. Larger economies often have fewer competitive firms making goods within their economy, and thus firms have more pressure from other firms to provide the goods and prices that consumers want.
One difference between a traveler's check and a demand deposit is that: a. a traveler's check is accepted almost as widely as currency, while a demand deposit has to be converted into cash before making transactions. b. a demand deposit is accepted almost as widely as currency, while a traveler's check has to be converted into cash before making transactions. c. a traveler's check has a longer
expiration date than a demand deposit. d. a demand deposit has a longer expiration date than a traveler's check.
Principal-agent problems arise due to hidden product characteristics
Indicate whether the statement is true or false
Why does inflation make nominal GDP a poor measure of the increase in total production from one year to the next?
What will be an ideal response?