Discretionary spending involves public expenditures that:
A. have to be approved each year.
B. are planned in the federal budget and do not need annual approval.
C. are mandated and regulated by permanent laws.
D. "entitle" people to benefits by virtue of age, income, or some other factor.
A. have to be approved each year.
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Which of the following is not an example of a government-imposed entry barrier?
A) occupational licensing B) antitrust legislation C) patents D) barriers to international trade
The profit-maximizing decision for the monopoly is:
A. to choose the quantity where marginal cost equals marginal revenue. B. the same as that of the perfectly competitive firm. C. to choose price according to demand. D. All of these statements are true.
The practice of requiring someone to buy two or more items together, rather than separately, is called
a. resale maintenance. b. product fixing. c. tying. d. free-riding.
Fill in this table. Assume that fixed cost is $100.
