The largest category of federal spending is national defense
a. True
b. False
Indicate whether the statement is true or false
False
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Refer to the figure below. Assume demand remains unchanged at D1. If supply shifts from S2 to S1, then the equilibrium price will ________ and the equilibrium quantity will ________. 
A. rise; rise B. rise; fall C. fall; fall D. fall; rise
Jake is a corn farmer in Nebraska. He rents his land on a long-term lease for $250,000 a year. He pays his farm hands $128,000 a year
Is his rent a fixed cost or a variable cost? Are the wages he pays his workers a fixed cost or a variable cost? Briefly explain your answers.
The Department of Justice has challenged the merger of two firms, and the case has ended up in the Supreme Court. The two firms argue that they will not use their monopoly power to raise prices or to cut output. Under what judicial standard would their merger be allowed, and under what judicial standard would their merger be disallowed?
The marginal tax rate is the
A. total amount of taxes paid as a percentage of total income. B. increase in taxes as a percentage of an increase in income. C. sum of all individual tax rates. D. tax rate paid by those with the lowest family incomes.