By 1975, government expenditures were about ______ of GDP.
a. one-fourth
b. one-third
c. one-half
d. two-thirds
b. one-third
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What is the price of a TV in an open economy without a quota? 
A. $125 B. $100 C. $75 D. $150
The opportunity cost of a college education includes wages lost while enrolled in school.
Answer the following statement true (T) or false (F)
Lilly Davis has $5 per week to spend on any combination of ice cream and candy. The price of an ice cream cone is $2 and the price of a candy bar is $1. The table below shows Lilly's utility values
Use the table to answer the questions that follow the table. Quantity of Ice Cream Cones Total Utility Marginal Utility Marginal Utility per Dollar Quantity of Candy Total Utility Marginal Utility 1 20 1 20 2 38 2 38 3 52 3 48 4 62 4 54 a. Complete the table by filling in the blank spaces. b. Suppose Lilly purchases 2 ice cream cones and 1 candy bar. Is she consuming the optimal consumption bundle? If so, explain why. If not, what combination should she buy and why?
In terms of cash flows, a "balloon" mortgage resembles
A) an amortized loan. B) a Treasury bill. C) a conventional bond. D) a zero-coupon bond.