The optimal level of military expenditures is the level at which _____
a. a country is completely protected from foreign invasion
b. a country spends more on national defense than all other countries along it to win an arms race
c. a country spends more on national than its rivals
d. the marginal benefit of additional expenditures equals marginal cost
d
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Recall the Application. The equilibrium price of pecans increased because the demand curve shifted
A) up and to the right. B) up and to the left. C) down and to the right. D) down and to the left.
The Federal Reserve has ________ regional Federal Reserve Banks and ________ members of the Board of Governors
A) 12; 12 B) 12; 7 C) 7; 12 D) 7; 7
An early frost in the vineyards of Napa Valley would cause a(n)
a. increase in the demand for wine, increasing price. b. increase in the supply of wine, decreasing price. c. decrease in the demand for wine, decreasing price. d. decrease in the supply of wine, increasing price.
Which of the following would be included in the calculation of gross domestic product?
a) government purchase of a new submarine b) Social Security payment to a retired military officer c) the purchase of a home built 10 years ago d) contributions to a charity organization e) a barber cutting the hair of his own children