Which of the following accounts for the largest portion of federal government spending?
A) Education
B) Policing
C) Infrastructure
D) National defense
D
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When a nation exports a good or service, employment in that industry
A) decreases. B) stays the same. C) increases. D) might change, but more information about what else the country exports is needed to determine if employment increases, decreases, or does not change. E) might change, but more information about what the country imports is needed to determine if employment increases, decreases, or does not change.
Which of the following is NOT a result of a permanent fall in foreign demand on one country's exports under floating exchange rate?
A) The DD curve shifts to the left due to reduction of aggregate demand. B) The AA curve shifts upwards due to the increased expected long-run exchange rate. C) a reduction in output by a smaller degree compared to temporary fall in demand D) depreciation in home country's currency E) a raised level of unemployment
A firm's producer surplus equals its economic profit when
A) average variable costs are minimized. B) average fixed costs are minimized. C) marginal costs equal marginal revenue. D) fixed costs are zero. E) total revenues equal total variable costs.
If the fixed costs are relatively large, a relatively good approximation of the correct transfer price is
a. average costs b. average fixed costs c. average variable costs d. the market price