One justification for the creation of a federal level of government is:
A. greater responsiveness to the will of the voters.
B. to encourage local diversity in the types of public goods provided.
C. economies of scale in the provision of military defense.
D. the ability to deficit spend.
Answer: C
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In order to include many different goods and services in an aggregate measure, GDP is computed using, primarily,
a. values of goods and services based on surveys of consumers. b. market prices. c. quantities purchased by a typical urban household. d. profits from producing goods and services.
Firms
A) have no influence on the circular flow in a market economy. B) purchase resources in the product market. C) sell goods in the product market. D) sell resources in the factor market.
Industry A has two firms that each control 50 percent of the market. Industry B has three firms, where one firm controls 70 percent of the market and the other two firms control 15 percent of the market each. According to the HHI, which industry is more concentrated?
A. Industry A B. Industry B C. Both industries are equally concentrated. D. indeterminate from the given information.
For a bank to have lending power, its required reserves must:
a. be smaller than its legal reserves. b. exceed its legal reserves. c. be smaller than its excess reserves. d. exceed its excess reserves. e. exceed its vault cash.