The largest component of state and local education spending is for
a. elementary and secondary education
b. colleges and universities
c. libraries
d. research
e. police protection
A
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_____ refers to an enforceable set of promises to take certain actions over the future
a. A bond b. A contract c. A capitation fee d. A collusion
GDP excludes expenditures by:
A. businesses on pollution control equipment. B. business for travel and entertainment. C. consumers on used automobiles. D. government on military hardware.
In the above figure, the total producer surplus at the efficient level of output is ________
A) $4.5 million B) $9.0 million C) $2.5 million D) $3.0 million
The age-earning cycle usually begins
A) at relatively high income levels. B) at relatively low income levels. C) once a worker reaches 25 years of age. D) only when a worker is employed full time.