Which of the following does not represent an example of government spending?
A. Purchase of military aircraft
B. Payment of Social Security benefits
C. Paychecks to government workers
D. Payment to the company that cleans the U.S. Capitol
B. Payment of Social Security benefits
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A good is rivalrous in consumption if
A. its consumption by one person reduces its consumption by others. B. it can be used to satisfy many needs (as compared to just one need). C. it can be used to satisfy many wants (as compared to just one want). D. its consumption by one person increases its consumption by others. E. a and c
One of the more unique aspects of NAFTA compared with other preferential trade arrangements is the fact that the NAFTA countries have
A) similar cultures. B) fixed exchange rates. C) common borders. D) very different standards of living.
If MC's Hammers, a perfectly competitive firm, finds that its total revenue is $45,000 . its fixed cost is $20,000 . and its total cost is $50,000 . its producer surplus is
a. zero because TC > TR b. -$5,000 c. $25,000 d. $15,000 e. -$25,000
Opportunistic behavior by oligopolies means
A) that firms cooperate in both the long run and in the short run to prevent others from entering the industry. B) that firms cooperate in the short run for current gains. C) that firms refuse to cooperate in the short run. D) that firms refuse to honor their product guarantees.