In 1960, spending on income transfers and health care accounted for 21.5 percent of the federal budget. In 2012, these two items accounted for
a. less than 15 percent of the federal budget.
b. approximately 25 percent of the federal budget.
c. approximately 37 percent of the federal budget.
d. approximately 57 percent of the federal budget.
D
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The quantity supplied of a good or service is the quantity that a producer ________ at a particular price during a given time period
A) is willing to sell B) actually sells C) needs to sell D) should sell
A monopolistically competitive firm and a perfectly competitive firm are alike because both types of firms
I. face downward sloping demand curves. II. have marginal revenue curves that lie beneath their demand curves. III. can make only zero economic profit in the long run. A) I and II B) I and III C) III only D) I only
In market economies, income distribution is always going to be completely equitable
Indicate whether the statement is true or false
If workers and firms raise their inflation expectations
A) unemployment will fall. B) the short-run Phillips curve will be vertical. C) actual inflation will fall to match expected inflation. D) the short-run Phillips curve will shift upward.