Figure 10.3 United States Government Source of Funds and Outlays, Fiscal 2011
What will be an ideal response?
The largest sources of federal revenues are personal income and Social Security taxes. Part of the budget—36 percent in 2011—is covered by borrowing (issuing government bonds
Social Security and Medicare made up 33 percent of federal outlays in 2011, and national defense 24 percent. Interest on the federal debt represented 6 percent of federal outlays.
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Explicit costs include
a. monitoring expenses incurred by the government b. enforcement costs paid by the public sector c. compliance costs incurred by all economic sectors d. all of the above e. none of the above
An upward-sloping labor supply curve reflects the
a. higher wage rate that must be paid to meet workers' opportunity costs b. lower wage rate that is paid to meet workers' opportunity costs c. increased willingness of firms to hire the labor supplied at increasing wage rates d. fact that not all workers are equally productive e. higher marginal productivity of the additional worker supplied
The United States has roughly how much of the world's population?
A. 15 percent. B. 20 percent. C. 5 percent. D. 10 percent.
A Herfindahl index of 0 suggests:
A. perfect competition. B. oligopoly. C. monopolistic competition. D. monopoly.