Which of the following statements is TRUE?
A) Government spending as a percent of total national income has continuously decreased since the 1950s.
B) Transfer payments are money payments made by the government for which no goods or services are currently received.
C) Education is the largest category of federal government expenditures.
D) Transfers in kind include Welfare, Social Security, and unemployment insurance benefits.
Answer: B
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If you shop for a car online and compare car prices across dealerships, money is functioning as a
A) means of payment. B) medium of exchange. C) barter mechanism. D) store of value. E) unit of account.
Accounting profit is usually larger than economic profit.
Answer the following statement true (T) or false (F)
What does job specialization do?
a. It allows workers to focus on the parts of the production process where they have an advantage. b. It allows workers to focus on all aspects of the production process. c. It allows organizations to maximize the tasks in which workers perform. d. It allows the production process to be performed by a single worker.
Rational ignorance refers to voter-citizens choosing to be uninformed about politics and government on an individual basis because
A) of apathy. B) of ignorance. C) of laziness. D) they believe the benefits of becoming informed are greater than the costs. E) they believe the benefits of becoming informed are less than the costs.