A little more than half of state and local expenditures are applied to ______.
a. defense
b. education and healthcare
c. police and fire protection
d. roads
b. education and healthcare
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Which of the following is a good example of efficient specialization and voluntary exchange?
A. A college professor hires someone to rototill his or her garden to ready it for spring planting. B. A college professor works on the engine of a car for a neighbor who is a mechanic. C. A lawyer decides to babysit his or her young child and agrees to do so for others for cash. D. A physician agrees to help a neighbor work on his or her income tax return in exchange for his or her bookkeeping services.
Refer to Figure 9-1. Suppose the government allows imports of leather footwear into the United States. What will be the quantity of imports?
A) 5 units B) 10 units C) 15 units D) 20 units
An example of an automatic stabilizer is
A) unemployment compensation. B) a newly enacted surtax to slow down an overheated economy. C) a horizontal aggregate supply curve. D) a change in the marginal tax rates.
New classical economists believe that wages are inflexible
a. True b. False Indicate whether the statement is true or false