About 6% of annual total federal government expenditures goes toward paying interest on the federal debt
Indicate whether the statement is true or false
TRUE
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Which conditions must be present for "perfect competition" to occur?
A) A large number of buyers and sellers, and all of them enjoy full and complete information. B) Sellers produce identical products. C) There is a costless mobility of resources. D) Everybody behaves as a price taker. E) All of the above.
Economic profit is defined as the difference between:
a. total revenue and total explicit cost. b. total revenue and total implicit cost. c. explicit costs and implicit costs. d. total revenue and total costs, both explicit and implicit.
When the unemployment rate is less than the natural unemployment rate, real GDP is ________ than potential GDP and the output gap is ________.
A) smaller; negative B) smaller; positive C) greater; positive D) greater; equal to zero E) greater; negative
Based on our study of market failure and government failure, the main conclusion that one should arrive at is that
What will be an ideal response?