If someone told you that France's government budget was similar to the U.S. budget, you would know that the highest category of government spending in France is for
a. national security
b. net interest payments on the national debt
c. income support, Social Security, and welfare
d. veterans' benefits
e. transportation
C
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If the long-run supply curve slopes downward, we know that this is
A) a decreasing-cost industry. B) a constant-cost industry. C) an increasing-cost industry. D) a situation in which no input prices change as firms enter and exit the industry.
Assume the current interest rate is 20%. The present value of $500 in one year would be
A. $180. B. $417. C. $750. D. $1,083.
What is the relation between value creation and transactions cost?
What will be an ideal response?
When economists value rewards that will be experienced in the future, they multiply the reward by a:
A) positive factor more than 1. B) positive factor less than 1. C) negative factor more than -1. D) negative factor less than -1.