In 2012, the combined expenditures of federal, state, and local governments in the United States were approximately
a. 9 percent of GDP.
b. 24 percent of GDP.
c. 38 percent of GDP.
d. 45 percent of GDP.
C
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If the production technology has increasing returns to scale, short run marginal cost curves must be downward sloping.
Answer the following statement true (T) or false (F)
A museum is NOT a public good if
A) there can be no congestion. B) the museum receives donations from members of the public. C) an entry fee is charged and people are denied entry if they do not pay. D) the general public typically does not go to the museum.
Compounding:
A. is beneficial to savers, but costly to borrowers. B. is beneficial to borrowers, but costly to savers. C. is beneficial to borrowers and savers alike. D. is costly to both borrowers and savers.
The law of supply indicates that:
A. producers will offer more of a product at low prices than they will at high prices. B. consumers will purchase less of a good at high prices than they will at low prices. C. the product supply curve is downsloping. D. producers will offer more of a product at high prices than they will at low prices.