Which government program would be considered an "entitlement" program?
A. subsidies for mass transportation
B. national defense
C. law enforcement in major U.S. cities
D. Social Security
Answer: D
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Answer the following questions:
a. What is the equation of exchange? Explain each component. b. What assumptions are placed on the equation of exchange to generate the quantity theory of money? c. Explain the quantity theory of money and what it implies about the impact of changes in the money supply on real output and prices.
What is the Coase theorem? What conditions need to be present for this theorem to work?
What will be an ideal response?
Which of the following is not a determinant of the demand for a particular good?
a. the prices of related goods b. income c. tastes d. the prices of the inputs used to produce the good
Which of the following is most likely to be a variable cost for a firm?
A) The interest payments made on loans B) The franchiser's fee that a restaurant must pay to the national restaurant chain C) The monthly rent on office space that it leased for a year D) The payroll taxes that are paid on employee wages