Which of the following is the largest category of federal government expenditures?
A) defense spending
B) transfer payments
C) interest on the debt
D) grants to state and local governments
Answer: B
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Assume the following situation. In year 1, a $400 capital stock generates a $100 GDP. One-fifth, or $20 of the $100 GDP, is put into investment. Assuming a constant capital/output ratio and no depreciation, the capital stock in year 2 is
a. 400 b. 420 c. 440 d. 500 e. 800
The business structure in which organizations are fictitious legal entities whose formulation complies with specific state laws is known as a
a. sole proprietorship b. general and limited partnership c. subchapter S corporation d. C corporation e. limited liability corporation or partnership
A firm pays Pam $40 per hour to assemble personal computers. Each day, Pam can assemble 4 computers if she works 1 hour, 7 computers if she works 2 hours, 9 computers if she works 3 hours, and 10 computers if she works 4 hours. Pam cannot work more than 4 hours day. Each computer consists of a motherboard, a hard drive, a case, a monitor, a keyboard, and a mouse. The total cost of these parts is $600 per computer. What is the marginal cost of producing the computers that Pam can assemble during her 3rd hour of work?
A. $5,520 B. $1,200 C. $1,240 D. $5,400
Which of the following is the term describing very similar products being exported and imported by trading partners?
a. reciprocal trade b. imperfect competition c. intra-industry trade d. inter-industry trade