The economic functions of government differ from the political functions of government in that
A) the economic functions are carried out by the federal government, while the political functions are carried out by state and local governments.
B) the economic functions include policies that affect income redistribution, while the political functions involve things that affect the way exchange is carried out.
C) the economic functions involve things that affect the way exchange is carried out while the political functions include policies that affect income redistribution.
D) the economic functions are carried out by state and local governments, while the political functions are carried out by the federal government.
C) the economic functions involve things that affect the way exchange is carried out while the political functions include policies that affect income redistribution.
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There is a government budget surplus if
A) G > T. B) G > TR. C) T - TR > G. D) TR < T.
The Southern economy ________________ from the damages of the Civil War.
A. quickly recovered B. experienced no lingering effects C. suffered decades of economic transition
What two main things did returning veterans want to buy after World War II? ____________________.
Fill in the blank(s) with the appropriate word(s).
A perfectly competitive firm faces a market clearing price of $150 per unit. Average total costs are at the minimum value of $200 per unit at an output rate of 100 units. Average variable costs are at the minimum value of $100 per unit at an output rate of 50 units. Marginal cost equals $150 per unit at an output rate of 75 units. It can be concluded that the short-run profit-maximizing output rate is
A. 75 units, at which the firm earns positive economic profits per unit sold. B. 50 units, because price is less than average variable costs. C. 75 units, at which the firm earns zero economic profits per unit sold. D. 75 units, at which the firm earns negative economic profits per unit sold.