The Treasury finances government spending by
A) selling securities.
B) collecting taxes.
C) by collecting tariffs.
D) all of these choices are possible.
D
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Answer the next question based on the following data. The following national income data are in billions of dollars.1Consumption of fixed capital$4382Taxes on production and imports3263Compensation of employees2,3474Rents145Interest2876Proprietors' income2427Corporate profits2978Personal consumption expenditures2,5829Gross private domestic investment66910Government purchases81511Net exports-7812Net foreign factor income4613Statistical discrepancy50The expenditures approach to GDP calculation can be done by adding ________.
A. 8 through 13 B. 8 through 11 C. 2 through 7 D. 1 through 7
Jamie has enough money to buy either a Mountain Dew, or a Pepsi, or a bag of chips. He chooses to buy the Mountain Dew. The opportunity cost of the Mountain Dew is
A) the Pepsi and the bag of chips. B) the Pepsi or the bag of chips, whichever the highest-valued alternative forgone. C) the Mountain Dew. D) the Pepsi because it is a drink, as is the Mountain Dew. E) zero because he enjoys the Mountain Dew.
Of the following, the best example of firm that might operate in a contestable market is a
A) cable TV company. B) wheat farmer. C) ship owner operating on a major waterway. D) private college operating in a state with many public colleges.
For the perfectly competitive firm, economic profit equals:
a. (price - marginal cost) x quantity. b. (price - average total cost) x quantity. c. (price - average variable cost) x quantity. d. total revenue - total fixed cost.