Government outlays equal:
a. the difference between government expenditures and government revenues.
b. the sum of government expenditures and government revenues.
c. the sum of government purchases and transfer payments.
d. the difference between government purchases and transfer payments
e. the ratio of government purchases to transfer payments.
c
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According to the quantity theory of money, inflation causes an increase in the money supply
Indicate whether the statement is true or false
What is the profit maximization point for a firm in a purely competitive environment?
a. The output where P = MC b. The output where P < MC c. The output where P > MC d. The output where MR = MC e. The output where AVC < P
If we observe a great deal of advertising of men's shaving products, we can infer that
a. the market for those products is perfectly competitive. b. it costs firms very little to produce those products. c. those products are highly differentiated. d. firms are irrational in their decisions to advertise.
Althea, a brilliant new Ph.D. in economics, has turned down many job offers because she hopes eventually to teach at one of the top 10 universities in her field. The type of unemployment she is experiencing is:
A. frictional. B. structural. C. underemployment. D. cyclical.