In 2012, federal expenditures on income transfers, health care, national defense, and interest on the national debt accounted for
a. less than 20 percent of federal spending.
b. about 40 percent of federal spending.
c. approximately 50 percent of federal spending.
d. more than 85 percent of federal spending.
D
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When import quotas are imposed by a government
A) the domestic producers always lower the prices of their products to ensure that their products are sold. B) the government is trying to discourage consumers from buying foreign-made goods. C) the supply of the product on the domestic market increases. D) the price ceiling for the product has to be lowered.
In a world of perfect knowledge and communication, competitive markets, and no uncertainty,
a. there would be neither economic profits nor economic losses. b. economic profits would exist, but losses would be eliminated. c. economic profits and losses would exist to a greater degree than presently is the case. d. there would be economic profits; there is not enough information to comment on economic losses.
Which of the following statements is true?
A. Karl Marx coined the term "the invisible hand." B. Adam Smith wrote Das Kapital. C. Karl Marx believed the state would eventually wither away leaving a worker's paradise. D. Adam Smith believed that individuals unselfishly pursue the public good.
The branch of economics that studies the decisions of individuals and firms is called
A) macroeconomics. B) microeconomics. C) microeconomics and macroeconomics. D) positive economics. E) normative economics.