Government purchases include spending on ________.
A. government purchases of final goods only
B. government purchases of final goods, government salaries, and transfer payments
C. government salaries only
D. government purchases of final goods and government salaries
Answer: D
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In a contestable market the Herfindahl-Hirschman Index is ________ and the market behaves as if it is ________
A) low; perfectly competitive B) low; a monopoly C) high; perfectly competitive D) high; a monopoly
Perfectly competitive producers do not need to consider how their output levels affect price
Indicate whether the statement is true or false
Any economic model should be judged primarily on
A. how realistic its assumptions are. B. how easy the model is to use. C. how many aspects of real-world behavior and choices are incorporated in the model. D. how original the model is compared to other models. E. how accurately its predictions match observed behavior.
Economists use a preference map to illustrate that
A) more is better than less. B) preferences are transitive. C) preferences are complete. D) All of the above.