In 2007, combined spending on public assistance by all three levels of government was approximately
a. $10 billion
b. $265 billion
c. $500 billion
d. $1 trillion
e. $10 trillion
B
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Refer to Figure 4-15. How much of the tax is paid by sellers?
A) $2 B) $5 C) $7 D) $12
Investments in public infrastructure ________
A) are not subject to diminishing returns B) are a misallocation of national savings C) typically decline during periods of rapid economic growth D) may boost productivity and income
Which of the following is a condition for efficiency in the output market?
A) MRT = MPL/MPK B) The marginal rate of substitution is the same for all customers. C) The marginal rate of technical substitution must be the same for all producers. D) The marginal rate of transformation must equal the marginal rate of substitution.
How much control over price do companies in a perfectly competitive market have?
(A) Total control (B) Very little (C) Some (D) None