The largest and fastest-growing category of federal government expenditures is
A) transfer payments. B) grants to state and local governments.
C) interest on the national debt. D) national park spending.
A
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If the institutions in an economy change from being inclusive to extractive, the return-to-entrepreneurship schedule in the economy will:
A) become horizontal. B) shift rightward. C) become vertical. D) shift leftward.
The rate of product transformation refers to
a. how a consumer can trade one good for another while still maximizing his or her utility. b. how a firm can substitute one input for another and still maintain the same production level. c. how production of one good can be substituted for another while still using a fixed supply of inputs efficiently. d. how quickly a firm can produce a final good while starting with only natural resources.
Which of the following levels of output represents equilibrium?
a. Y1
b. Y2
c. both Y1 and Y2
d. neither Y1 nor Y2
Short-run profits are maximized at the rate of output where
A. Marginal revenue is equal to marginal cost. B. Marginal revenue is zero. C. Average total costs are minimized. D. Total revenue is maximized.