For any combination or outputs, there is an efficient allocation of income.
Answer the following statement true (T) or false (F)
False
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Arguments for the balanced budget amendment include all of the following EXCEPT
A) a balanced budget amendment would limit Congress from using fiscal policy during a recession. B) a balanced budget amendment would increase capital formation. C) a balanced budget amendment would reduce the taxation burden on future generations. D) a balanced budget amendment would exert fiscal discipline on the federal government.
The Doing Business reports are considered by many economists to have contributed to economic growth and poverty reduction. The effectiveness of the reports may be attributed to ________
A) their encouragement to governments to reduce impediments to business B) their encouragement to businesses to migrate to business-friendly locations C) their deepening of economists' understanding of economic growth D) their exposing of corrupt officials and practices
The optimal consumption bundle is the point representing a consumption-leisure pair that is on the
A) lowest possible indifference curve and is on or outside the consumer's budget constraint. B) lowest possible indifference curve and is on or inside the consumer's budget constraint. C) highest possible indifference curve and is on or outside the consumer's budget constraint. D) highest possible indifference curve and is on or inside the consumer's budget constraint.
Many small governments provide more utility to individuals than one large government in most cases because _____
a. individuals have heterogeneous preferences and can move to an area that suits their taste for government b. individuals have homogeneous preferences and can move to an area that suits their taste for government c. the optimal sharing group for nearly all public goods is the local level d. individuals generally have a preference for local government