Transfer payments are the ______ and the ______ growing category of federal spending.
a. smallest; slowest
b. smallest; most consistently
c. largest; most erratically
d. largest; fastest
d. largest; fastest
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Firms are willing to change the aggregate quantity of output supplied based on price in:
A. the short run only. B. the long run only. C. both the short and long run. D. Price does not affect the quantity that firms supply.
A seller with market power has greater command over product price compared to a perfect competitor and is thus less enthusiastic in devising new ways to create economic value
Indicate whether the statement is true or false
Suppose in the country of Nash that the price of oranges is $8 per bushel with no trade allowed. If the world price of oranges is $10 per bushel and if Nash allows free trade, will Nash be an importer or an exporter of oranges?
Suppose that when the price of hot dogs is $2 per package, there is a demand for 10,000 bags of hot dog buns. When the price of hot dogs is $3 per package, the demand for hot dog buns falls to 8,000 bags. What is the cross-price elasticity of demand for hot dogs and hot dog buns?
A. -0.4 B. -0.25 C. 4 D. 0.25