Currently, total government expenditures in the United States:
a. are close to 40 percent of GDP.
b. fell by half, to 10 percent of GDP.
c. nearly doubled to about 60 percent of GDP.
d. nearly tripled to about 60 percent of GDP.
a
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A retailer buys goods worth $15,000 from a manufacturer and sells it for $18,250. He adds a value of ________ to the production process
A) $15,000 B) $3,250 C) $33,250 D) $18,250
Refer to Figure 7-3. On the above graph, identify the market equilibrium price and quantity, the efficient equilibrium price and quantity, and the value of the deadweight loss resulting from too few people receiving vaccinations
What will be an ideal response?
The negatively-sloped part of the long-run average total cost curve is due to which of the following?
A) Diseconomies of scale. B) Diminishing returns. C) The difficulties encountered in coordinating the many activities of a large firm. D) The increase in productivity that results from specialization.
Which of the following is true of the per person income of the West (Western Europe and its offshoots of the United States, Canada, Australia, and New Zealand)
a. It has increased each century and grown steadily since 1500. b. It is now approximately 20 times greater than the figure of 200 years ago. c. It rose steadily between 1000 and 1800, but income growth has slowed during the past 200 years. d. While income per person has increased since 1800, there has been little change in life expectancy and other indicators of quality of life during this time period.