The majority of spending in the government purchases category comes from the federal government.
Answer the following statement true (T) or false (F)
False
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Compare and contrast a general retail sales tax with a value added tax
What will be an ideal response?
Suppose a bank has $500,000 in deposits and a required reserve ratio of 10 percent. Then required reserves are
A. $50,000. B. $500,000. C. $5,000,000. D. $10,000.
Why do oligopolists (or cartel members) have an incentive to cheat on collusive agreements designed to maximize the joint profits of the firms in the industry?
a. Individual firms could gain if they charged a price greater than the industry's profit-maximizing price. b. The industry demand curve is more elastic than the demand curve confronting each of the firms in the industry. c. The firms would like to see the industry produce a larger output and charge a lower price. d. The demand curve confronting the individual firms is more elastic than the market demand curve for the product.
Which of the following applies to a real-world socialistic economy?
A. private ownership of all factors of production B. government ownership of all factors of production C. government ownership of most of the factors of production D. lack of central planning