Fiscal years in the federal government begins on what day each year (give month, day) _____/_____
Fill in the blank(s) with the appropriate word(s).
10/1
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A marginal external cost of a product is equal to
A) what the producer has to pay to hire resources to produce another unit. B) the cost someone other than the producer incurs when another unit is produced. C) the cost the producer incurs to produce another unit. D) what the consumer must pay when he or she buys the good or service. E) None of these answers describes a marginal external cost.
To be a natural monopoly a firm must
A) have significant network externalities. B) control a key resource input. C) have economies of scale that are so large that it can supply the entire market at a lower cost than two or more firms. D) be in a government-regulated market.
As populations age, public spending tends to increase
Indicate whether the statement is true or false
Because there is a trade-off between inflation and unemployment in the short run,
A. lower unemployment will typically cause inflation to fall. B. policies designed to reduce unemployment will typically set off a recession. C. policies designed to reduce inflation will cause unemployment to fall as well. D. higher inflation will generally be associated with higher unemployment. E. lower inflation will generally be associated with higher unemployment.