Which of the following is the largest expenditure item of state governments?
A. Education
B. Highways
C. Public welfare
D. Health and hospitals
A. Education
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Job rationing occurs when the real wage is ________ the equilibrium level and there is a ________ of labor
A) below; surplus B) equal to; shortage C) above; surplus D) above; shortage E) below; shortage
"When a person has an absolute advantage in producing a good, the person necessarily has a lower opportunity cost of producing it." Is this assertion true or false?
What will be an ideal response?
If real GDP is $21 trillion, consumption is $14 trillion, planned investment is $4 trillion, government purchases are $4 trillion, net exports are -$1 trillion, then the unintended inventory adjustment is:
a. -$2 trillion. b. -$1 trillion. c. $0. d. $1 trillion.
Economic theory is a valuable tool for business decision making because it
A. identifies for managers the essential information for making a decision. B. creates a realistic, complex model of the business firm. C. assumes away the problem. D. provides an easy solution to complex business problems.