In 1902, total government expenditures at all levels of government were around _____
a. 10 percent of GDP
b. 20 percent of GDP
c. 30 percent of GDP
d. 40 percent of GDP
a
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Refer to Figure 2-1. ________ is (are) inefficient in that not all resources are being used
A) Point A B) Point B C) Point C D) Points A and C
The most likely substitute good for hot dogs would be:
A. burgers. B. potato chips. C. ketchup. D. a plate.
Thomas Malthus and David Ricardo believed that to increase agricultural output, people would be forced to
A. farm land more intensively, in which case the returns to successive increases in population would increase. B. farm land less intensively, in which case the returns to successive increases in population would diminish. C. farm land more intensively, in which case the returns to successive increases in population would diminish. D. farm land less intensively, in which case the returns to successive increases in population would increase.
According to the Incentive Principle:
A. people tend to do more of something when its benefits are greater. B. benefits are more important than costs in making a decision. C. it is irrational to perform volunteer services. D. people will always take the highest-paying job they are offered.