Which of the following budget items has generally declined as a percentage of GDP since 1960?
a. national defense spending
b. Social Security spending
c. Medicare spending
d. Medicaid spending
a. national defense spending
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Which of the following are sources of revenue for state and local governments?
i. property taxes ii. sales taxes iii. transfers from the federal government A) i, ii and iii B) ii and iii C) i and ii D) i only E) i and iii
Refer to Table 13-3. What is the best course of action for the firm in the short run?
A) It should not cut its price but it should increase its sales by advertising. B) It should stay in business because it covers some of its fixed cost. C) It should shut down. D) It should increase its sales by lowering its price.
We say that equilibrium in a perfectly competitive market is allocatively efficient because
a. the sum of consumer and producer surplus is maximized b. the sum of consumer and producer surplus is minimized c. the sum of consumer and producer surplus is zero d. consumer surplus is maximized e. producer surplus is zero
Price discounts to selected buyers with the intent of driving out smaller competitors is:
a. widespread in all industries. b. common in the retailing industry only. c. illegal under the Robinson-Patman Act. d. allowed if the four-firm concentration ratio is less than 50 percent. e. beneficial to consumers in the long run.