What is the largest category in state government spending?
A. education
B. public welfare
C. highways
D. police and correction
Answer: B
You might also like to view...
Anna owns the Sweet Alps Chocolate store. She charges $10 per pound for her hand made chocolate. You, the economist, have calculated the elasticity of demand for chocolate in her town to be 2.5
If she wants to increase her total revenue, what advice will you give her?
Assume there is a decrease in the market demand for a good sold by price-taking firms that are initially producing the profit-maximizing level of output. For the individual firm, this would result in:
A) a decrease in both price and the profit-maximizing quantity of output. B) a decrease in price and increase in the profit-maximizing quantity of output. C) an increase in both price and the profit-maximizing quantity of output. D) an increase in price and decrease in the profit-maximizing quantity of output.
Statistics on families below the poverty line may be overstated because:
a. the poor are primarily children who soon will move out of poverty. b. poverty in the United States is rich compared to poverty in other nations. c. the income levels used to measure poverty do not include in-kind transfers. d. unemployment compensation is a program closed to the poor.
If a positive permanent supply shock were to occur, the resulting equilibrium would be a:
A. higher level of output at lower prices. B. lower level of output and prices. C. higher level of output and prices. D. lower level of output at higher prices.