If Gross Domestic Product (GDP) equals $900 billion, gross private investment expenditures are $200 billion, exports equal imports, and government spending is $400 billion, then
A. consumption expenditures are $200 billion.
B. we cannot determine what expenditures on consumption are without more information.
C. consumption expenditures are $300 billion.
D. spending on consumer durables must be $400 million.
Answer: C
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The Sherman Antitrust Act:
A) prohibits conspiracies in restraint of trade. B) allows the formation of trusts so long as they are public enterprises. C) allows a group of firms to form a trust only if it is done to take advantage of economies of scale. D) prevents the military from using armored vehicles on the public streets.
Refer to the table below. Relative to Free Cows, Happy Cows' marginal cost curve is ________, which makes its quantity produced ________ sensitive to changes in demand.
Happy Cows and Free Cows are two separate perfectly competitive dairy farms. The table above shows the respective firms' marginal cost at various production levels.
A) flatter; less
B) flatter; more
C) steeper; less
D) steeper; more
Which of the following statements is CORRECT?
A) Since the mid-1940s, expenditures on national defense have increased considerably as a percentage of total federal government spending. B) Since the mid-1940s, expenditures on income security and health programs have increased considerably as a percentage of total federal government spending. C) Taken together, expenditures on national defense and on income security and health programs now account for less than half of all federal government spending. D) Expenditures on national defense now account for more than twice as much federal government spending as expenditures on income security and health programs.
Marginal utility (MU) equals
a. ?P/?Q b. ?Q/?TU c. ?PQ/?TU d. ?TU/?P e. ?TU/?Q