The main transfer programs of the U.S. government include each of the following, except:
a. social insurance.
b. cash welfare or public assistance.
c. in-kind transfers.
d. veterans' benefits.
e. employment programs.
d
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Social Security and Medicare are clear examples of
A) capitalism. B) market-determined services. C) market failures and externalities. D) governmental intervention in the market.
The short run total cost of zero output is equal to
A. zero. B. variable cost plus fixed cost. C. variable cost. D. fixed cost.
In the United States, government purchases, as a percentage of real GDP, have generally declined since the 2001.
a. true b. false
Draw a graph showing a short-run average variable cost curve, a short-run average total cost curve, and a short-run marginal cost curve. Briefly explain the shape of each curve and how they relate to each other.
What will be an ideal response?