Approximately ____ percent of federal government spending in 2007 was for transfer payments and interest payments
a. 5
b. 10
c. 55
d. 30
e. 75
C
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A utility-maximizing consumer is currently spending all of his/her income on two products, A and B. The MU of the last unit of A consumed is 50, the price of A is $25, and the price of B is $10 . The MU of the last unit of B consumed is:
a. 50. b. 5. c. 2. d. 20. e. cannot determine from this limited information
The only way to rationalize an upward slope for the short-run aggregate-supply curve is to argue that wages are sticky in the short run
a. True b. False Indicate whether the statement is true or false
Each of the following statements describes how the political and legal environment encourages productivity except:
A. Price changes in markets give suppliers incentives to supply goods to markets. B. Pay rates determined by a governmental planning agency provide workers with incentives to work hard. C. Well-defined property rights encourage production and saving. D. Political stability promotes economic growth.
Fear of floating is:
A) when the benefits of floating exchange rates outweigh the costs. B) when the attractions of fixed exchange rates are large relative to those of floating. C) when countries adopt the gold standard. D) when countries say they are floating, but fix their exchange rates in practice.