Historical table 5.1 (which we used earlier in the semester)
What will be an ideal response?
gives us information on the composition of government spending (G) also known as outlays. Taxes (or incomes) refer to the funds/revenues received by the government.
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The classical theory was developed in the late 18th and early 19th centuries
A) and cannot be explained using the modern tool of the productivity function. B) and therefore is not accepted today. C) and still applies to the most developed nations today, though not to the less developed nations. D) and has proponents today who fear population growth and overpopulation. E) during a time of population decline.
Monopolistic competition differs from perfect competition because in monopolistically competitive markets
a. there are barriers to entry. b. all firms can eventually earn economic profits. c. each of the sellers offers a somewhat different product. d. strategic interactions between firms are important.
The terms of trade between two countries refer to
A. The terms set by the World Trade Organization for trade. B. The rules governing trade between the two countries. C. The amount of good A given up for good B. D. What price the two countries agree upon for their imports and exports.
In the short run, a purely competitive seller will shut down if product price:
A. equals average revenue. B. is greater than MC. C. is less than AVC. D. is less than ATC.