Which is the fastest growing component of the federal government budget?
A) spending on the military and the war on terrorism
B) spending to improve the nation's schools
C) spending to improve and expand the nation's infrastructure
D) spending on entitlements
D
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Explain why insurance has been beneficial to markets
What will be an ideal response?
A strategy is dominated if:
A. there are no other strategies that yield higher payoffs, regardless of others' choices. B. there is some other strategy that yields a strictly higher payoff regardless of others' choices. C. there is some other strategy that yields a strictly higher payoff in some circumstances and that never yields a lower payoff regardless of others' choices. D. there is some other strategy that yields a strictly higher payoff in some circumstances and may yield a lower payoff, depending upon other players' choices.
For the equation of exchange to remain in balance
A. changes in P must equal the combined change in M and V. B. changes in P must equal changes in V. C. changes in Q must equal changes in M. D. the equation does not have to balance.
Which of the following is NOT an expected benefit of reducing nontariff barriers to trade?
A) Fewer firms to compete with B) Lower prices for many goods C) Increase in the volume of exports and imports D) Improved overall economic welfare