Which of the following statements best describes government expenditure patterns?
A. The government's share of total economic activity has generally decreased since 1950.
B. Most of the growth in government expenditures as a percentage of GDP is due to rapidly growing federal government transfer programs.
C. Government expenditure as a share of GDP has fluctuated wildly depending on which political party is in control.
D. Most of the growth in government expenditures as a percentage of GDP is due to rapidly growing national defense programs.
Answer: B
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Markets promote
A) competition and voluntary exchange. B) equity and competition. C) equity and equality. D) voluntary exchange and equality.
On average, if demand is unknown and costs of underpricing are _______ than the costs of overpricing, then err on the side of_________
a. Smaller; overpricing b. Smaller; underpricing c. Larger; underpricing d. None of the above
Which market model assumes the least number of firms in an industry?
A. Monopolistic competition B. Pure competition C. Pure monopoly D. Oligopoly
The phrase "price-taker" means
A) that market price is independent of the output of a single firm. B) each firm faces a perfectly elastic demand curve. C) that price and marginal revenue are the same. D) all of these choices.