Which of the following is included as government purchases in gross domestic product (GDP)?
a. Social Security payments to elderly citizens
b. Welfare benefits distributed to the poor
c. Outright grants from government to recipients
d. Payments to clerical workers hired by government
e. Unemployment compensation benefits
d
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By looking at the marginal cost and marginal revenue curves, you can find out
a. if this firm should shut down. b. if this is a profitable business. c. at what output the firm would maximize profits or minimize losses. d. All of these.
In the short run, each perfectly competitive firm is free to
a. increase its plant size. b. increase its volume of output up to its maximum existing capacity. c. charge a price above the market price. d. do all of these.
The purchase of a new Boeing fighter jet by Israel is classified in the U.S. GDP accounts as
A) import expenditure.
B) export expenditure.
C) consumption expenditure.
D) investment expenditure.
E) government expenditure.
Payments by the government to the public for which the government receives no current goods or services in return are called:
A. capital losses. B. net taxes. C. public saving. D. transfer payments.