According to the text, the federal government spends the most taxpayer-provided funds regulating which area of the economy?
A. consumer safety and health
B. the environment
C. finance and banking
D. transportation
Answer: D
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Which of the following is classified as an intermediate good?
i. the purchase of a Big Mac by a college student ii. McDonald's purchase of pickles iii. a McDonald's restaurant owner's interest payment for the loan on her building A) ii only B) ii and iii C) i only D) i and iii E) i, ii and iii
Dumping refers to selling a product abroad at higher prices than the product is sold domestically
Indicate whether the statement is true or false
For the monopolistically competitive firm,
a. competition is blocked by barriers to entry b. limit pricing can forestall competition indefinitely c. marginal revenue is less than the product's price d. price discrimination is a key tool e. marginal revenue is equal to the product's price
Which of the following is not true about government taxation?
a. It is an indirect way to shift resources. b. It is free of opportunity costs. c. Taxes are levied on both citizens and businesses. d. Taxes are unequally levied among citizens. e. Taxes are a tool for debt reduction.