Government expenditures for Social Security and unemployment benefits are examples of
a. government consumption.
b. government investment.
c. government purchases.
d. transfer payments.
D
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In Delaware County, Pennsylvania, all homes, businesses, and other organizations purchase their water from one seller, Philadelphia Suburban Water Co (PSWCo)
Economists refer to public utility companies like PSWCo as natural monopolies because their A) marginal cost curves lie everywhere beneath their average fixed cost curves. B) marginal cost curves lie everywhere beneath their demand curves. C) average total cost curves lie everywhere above their demand curves. D) None of the above answers is correct.
Which of the following is not a characteristic of capitalism?
a. Private ownership of resources. b. Decentralized decision-making using markets. c. Representative democracy. d. Consumer sovereignty.
A negative externality:
A. is a payment received to parties not involved in the production or consumption of a good. B. results from the absence of well-defined property rights. C. is a cost borne by parties not involved in the production or consumption of a good. D. is a cost borne by parties not involved in the production or consumption of a good and results from the absence of well-defined property rights.
Macroeconomics deals with ________ while microeconomics deals with ________
A) choices important to people; choices not important to people B) economywide choices; choices of individuals C) choices that involve money; choices that does not involve money D) choices of rich people; choices of poor people