Federal transfers are expected to grow significantly in the coming decades, due especially to increases in ________
A) federal government consumption
B) federal deficits
C) Medicare and Medicaid
D) Social Security payments
C
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The United States has developed a comparative advantage in digital computers, airliners, and many prescription drugs. The source of its comparative advantage in these products is
A) a strong central government. B) abundant supplies of natural resources. C) a favorable climate. D) technology.
Laffer curve
What will be an ideal response?
The more bowed (skewed) the Lorenz curve
A) the more equal the distribution of income. B) the greater the number of households in the society. C) the more unequal the distribution of money income. D) the greater the total income of the society.
The difference between a perfectly competitive firm's total revenue and its total cost is
A) always positive. B) always negative. C) always zero. D) greatest at the profit-maximizing level of output.