Government spending as a percent of national income
A) peaked during the Reagan administration.
B) peaked during World War II.
C) has been steadily climbing since 1850.
D) has been almost constant this century.
Answer: B
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Microeconomic topics include the overall unemployment rate in the United States and the rate of inflation
a. True b. False
If skilled labor costs three times as much as unskilled labor, a profit-maximizing firm will vary the quantity of each type of labor used until the
a. amount of unskilled labor used is three times the quantity of skilled labor used. b. amount of unskilled labor used is one-third the quantity of skilled labor used. c. marginal product of skilled labor is one-third that of unskilled labor. d. marginal product of skilled labor is three times as great as that of unskilled labor.
European governments accepted prolonged periods of unemployment in the 1990s in order to reduce inflation.
Answer the following statement true (T) or false (F)
A market in which there are many firms each selling differentiated products is most likely a ________ market.
A. perfectly competitive B. monopoly C. monopolistically competitive D. natural monopoly