Most analysts expect the largest federal spending category to continue to grow in importance for many years into the future. What category of spending is this?
a. national defense
b. education
c. income security
d. farm support programs
c
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The extent to which the demand for a good changes when the price of a substitute or complement changes, other things remaining the same, is measured as the
A) income elasticity of demand. B) cross elasticity of demand. C) price elasticity of demand. D) price elasticity of supply. E) cross income elasticity of demand.
Fast Copy is a perfectly competitive firm. The figure above shows Fast Copy's cost curves. The current market price is 2 cents per page. With no change in demand and technology, in the long run, the price will
A) remain unchanged. B) rise to 5 cents per page. C) rise to 4 cents per page. D) fall to 1 cent per page.
The tendency of bankers to take unwarranted risks in making loans because deposits were insured is an example of _____
a. anchoring bias b. self-serving bias c. moral hazard d. hazard pay e. banker's lobbying
A good that is most likely to be in the producer price index is:
A. spaghetti. B. industrial machinery. C. SUV. D. All of these are in the PPI.