In the U.S. tax receipts are almost _____ percent of GDP.
Fill in the blank(s) with the appropriate word(s).
20
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An economically backward nation has the best chance of enjoying relatively high rates of economic growth if it
A) turns toward central economic planning. B) adopts advanced technologies. C) raises its minimum wages and government pension programs. D) limits imports as much as possible.
Which of the following transactions would most likely require marginal thinking?
a. deciding how many cattle to buy at a livestock auction b. choosing which animal to request for a puppy adoption c. deciding whether to make an online purchase d. choosing a painter for an art commission
Because we collectively consume ________ goods, firms in the private sector may not provide them because they ________ exclude those who do not pay.
A. private; can B. public; can C. private; cannot D. public; cannot
Economic profits are calculated by subtracting:
A. explicit costs from total revenue. B. implicit costs from total revenue. C. implicit costs from normal profits. D. explicit and implicit costs from total revenue.