In most developed countries, the largest and fastest growing component of government expenditure has been
a) national defense
b) transfer payments
c) interest on the national debt
d) transportation expenditures
e) the cost of maintaining the legal system
b) transfer payments
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What is the difference between explicit costs and implicit costs? List three examples each of explicit costs and implicit costs that may be experienced by a small business
What will be an ideal response?
Augustus bought his BMW convertible as a new car in 1998 and knows that it is in excellent condition. He now wants to sell it and knows that there are many other similar cars on the used car market that are lemons. As a result:
A) he should be able to sell my car at a premium price because of its excellent condition. B) he will have to accept a lower price for his car because buyers might think that it is a lemon. C) he will not be able to sell his car unless he offers some sort of guarantee. D) he will get the best price for his car by selling it to a dealer.
All of the following statements accurately describe pre-1763 British colonial policy except:
a. England discouraged western settlements in an effort to reduce conflicts between colonists and Native Americans. b. English taxes imposed on colonists were much lower than the taxes imposed on English residents. c. England passed certain laws designed to reduce colonial production of goods that duplicated popular English products. d. Colonial governors and the Privy Council rarely used their veto power to overturn colonial laws.
LAPD needs to increase the size of its police force, and it will cost them $100,000 per year to recruit two full-time officers. The LAPD should ask the mayor to: a. impose an extra charge on citizens who require extra police protection. b. keep the current force and provide less security
c. hire a private firm to provide extra security. d. increase the tax paid by citizens.