Federal Outlays
What will be an ideal response?
Social Security and Medicare made up
33 percent of federal outlays in 2011, and national defense 24 percent. Interest on the federal debt represented 6 percent of federal
outlays.
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Which of the following statements is true of perfect competition?
A) The outcome in a perfectly competitive market is Pareto inefficient. B) The total value of production across a perfectly competitive industry is maximized. C) Firms under perfect competition produce at a point where price is greater than marginal cost. D) Consumers in a competitive market purchase at a point where marginal utility is greater than price.
Refer to Table 16-3. Suppose Julie's marginal cost of providing this service is constant at $7 and she decides to charge each customer according to his or her willingness to pay
What is Julie's total revenue and how many hours of service will be purchased? A) 1 hour and her total revenue = $7 B) 4 hours and her total revenue = $39 C) 4 hours and her total revenue = $28 D) 5 hours and her total revenue = $35
The tasks performed by the chef at your favorite restaurant could be categorized as
A) a good. B) an economic good. C) a service or intangible good. D) All of the above are correct.
Publications such as Consumer Reports magazine
a. increase the optimal amount of information gathered b. reduce the optimal amount of information gathered c. reduce the amount of common knowledge d. raise the marginal benefit of information curve e. make consumers perfectly informed