Which statement is true?
A. The government sector of GDP is larger than the consumption sector.
B. The federal government spends about five percent of our GDP on interest on the debt.
C. The federal government spends more on Social Security and Medicare (combined) than it does on defense.
D. None of these statements are true.
C. The federal government spends more on Social Security and Medicare (combined) than it does on defense.
You might also like to view...
From a firm's viewpoint, opportunity cost is the
A) best alternative use customers can find for the firm's output. B) cost the firm must pay for the factors of production it employs to attract them from their best alternative use. C) accounting cost of resources. D) price a firm can charge for its output. E) cost of acquiring the opportunity to sell to its customers.
People generally view leisure
a. as an inferior good b. as a normal good c. as a source of disutility d. as more valuable per unit the more they have of it e. as unrelated to utility maximization
Consider an antique auction where bidders have independent private values. There are two bidders, each of whom perceives that valuations are uniformly distributed between $100 and $1,000. One of the bidders is Sue, who knows her own valuation is $200. What is Sue's optimal bidding strategy in a second-price, sealed-bid auction?
A. Submit a bid that is less than $150. B. Submit a bid of $150. C. Submit a bid of $200. D. Yell "mine" when the bid reaches $150.
Answer the following statement(s) true (T) or false (F)
According to economist Paul? Romer, ideas are what drive economic growth.