One difference between the federal government budget and state and local budgets is that
a. deficits in state and local governments average zero over longer periods of time.
b. cyclical deficits are zero for state and local governments.
c. state and local governments typically run surpluses.
d. both a and b.
e. none of the above.
C
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Refer to the table above. Laborland's net exports equal ________
A) -$20 billion B) $25 billion C) -$18 billion D) $18 billion
Economic games can be used to analyze decisions around which of the following situations?
A. Environmental protection B. War C. Business D. All of these situations.
the primary tasks required to conduct a successful cost effectiveness study are all of the following except:
a. identifying and measuring all relevant costs. b. ranking the alternatives in terms of overall costs. c. adequately measuring the effectiveness of the procedures evaluated. d. establishing the relevant alternative(s) for comparison. e. identifying the overall cost of a health condition on society
The marginal rate of substitution:
A. may increase or decrease on a given indifference curve, depending on whether the substitution or the income effect is dominant. B. increases as one moves southeast along an indifference curve. C. is constant at all points on the budget line. D. declines as one moves southeast along an indifference curve.