All levels of government combined spend approximately 35 percent (plus or minus 3 percent) of GDP
Indicate whether the statement is true or false
T
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In the above figure, if output is 10 units, then the total deadweight loss is
A) $5. B) $10. C) $20. D) $60.
The United States is the largest consumer and importer of grains and other agricultural output in the world
a. True b. False Indicate whether the statement is true or false
Entrepreneurial profits are very low because entrepreneurs are generally overly
A. pessimistic and receive psychological rewards for their work. B. pessimistic and incur psychological costs from their work. C. optimistic and receive psychological rewards for their work. D. optimistic and incur psychological costs from their work.
A situation in where the costs of an action are NOT fully borne by the two parties engaged in exchange is
A. internal costs. B. an internality. C. a transactions cost. D. an externality.