Most economists would consider it sensible for the federal government to ________ its current operating and capital expenditure budgets and then ________
A) consolidate, never borrow to fund it
B) consolidate, borrow what is necessary to fund it
C) separate, borrow what is necessary to fund the current operating budget.
D) separate, borrow what is necessary to fund the capital expenditure budget.
D
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If the government drafts people into the armed forces rather than persuading them to volunteer
A) it conceals in part the cost to its citizens of obtaining military personnel. B) it employs a nondiscriminatory system because everyone drafted incurs the same cost and can be paid the same wage. C) it must pay higher wages since many people resent the draft. D) it reduces the cost to the nation as a whole of obtaining military personnel. E) it tends to obtain people with the lowest opportunity costs.
Structural unemployment is:
A. the result of the ordinary difficulty of matching employee to employer. B. persistent, long-term unemployment. C. short-term unemployment. D. correlated with the ups and downs of the business cycle.
Refer to the graph. Which one of the following would cause a move from point d to point e along short-run average total cost curve ATC 2?
A. Diminishing marginal returns.
B. An increase in the wage rate.
C. A decrease in the wage rate.
D. Increasing marginal returns.
Refer to Table 11.1. What is the equilibrium level of output, y*?
A) 1,775 B) 2,375 C) 7,100 D) 9,500