Compared to state and local spending, federal spending is
A. twice as large.
B. about the same.
C. half as large.
D. one-quarter as large.
A. twice as large.
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The marginal rate of substitution is the
a. quantity of a good a consumer receives for $1 payment b. income a consumer gives up to acquire one unit of the good c. ratio of the prices of two goods d. rate at which the consumer is willing to trade one good for another good e. relative quantity of a good that two consumers trade
In the short-run under perfect competition, which of the following is always true?
a. Economic profit earned by firms can be negative, zero, or positive. b. Economic profit earned by firms is always zero. c. Economic profit earned by firms can be zero or positive, but not negative. d. Economic profit earned by firms is positive, but not zero or negative.
The voting outcome and the most preferred outcome of the median voter are the same in a simple majority vote where there are several options from which to choose
Indicate whether the statement is true or false
In sequential games, an especially important part of strategic behavior is to:
A. "think forward, work backward." B. "think forward, act backward." C. "think backward, work forward." D. "think backward, act forward."