The largest single portion of state and local budgets is devoted to
a. State and local defense.
b. Health and public welfare programs.
c. State and local unemployment compensation.
d. Education.
e. Interest payments on state and local debt.
d
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When a natural monopoly is regulated using an average cost pricing rule, what can you say about the firm's profit and the market's efficiency?
What will be an ideal response?
The amount of investment demand at each interest rate suddenly falls. If the Fed holds to an unchanged money supply target, the change in GDP is __________ if it had held to an unchanged interest rate target
A) greater than B) less than C) the same as
If the Federal Reserve were to simultaneously sell government bonds in the open market and decrease the discount rate, the
a. money supply will increase. b. money supply will decline. c. money stock will stay the same. d. two tools will work in opposite directions and the effect on the money supply is uncertain.
Pure monopoly is not studied because of its descriptive realism, but because it is a stepping stone toward more realistic models
a. True b. False Indicate whether the statement is true or false