All of the following are examples of government purchases except
a. F-15 fighter planes
b. food and clothing for the armed forces
c. interstate highways
d. post offices
e. the Washington D.C. residence of Illinois Senator Richard Durbin
E
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Explain the concepts of absolute advantage and comparative advantage. Is it possible for a firm to have an absolute advantage in producing something without having a comparative advantage? Why or why not?
What will be an ideal response?
If an economist is trying to figure out, in a certain situation, “What would happen if?”, then that economist is working in the area of
a. normative economics. b. positive economics. c. the theory of the firm. d. welfare economics.
Under the National Banking Acts of 1863 and 1864, the U.S. monetary system
(a) experienced drastic changes. (b) played a role in helping the Union finance the Civil War. (c) permitted, for the first time, the federal government to charter banks. (d) protected the rights of states to be the only entities to charter banks.
HI (Hospital Insurance) is financed by a payroll tax, while SMI (Supplementary Medical Insurance) is financed out of general revenues.
A. True B. False C. Uncertain