An example of an excludable good or service is:
A. ice cream.
B. a public park.
C. national defense.
D. air.
Answer: A
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The concept of government as redistributor is
A. approved by many but questioned by many as well. B. generally rejected as against “the American way.” C. largely approved by a vast majority of Americans. D. unnecessary in the United States because income disparities are small. E. a conservative idea that many liberals reject.
Depending on the relative size of the federal government's expenditures and tax revenues, the federal government's budget can be in three possible conditions
What are the three possible conditions and what is the relationship of federal government expenditures and tax revenues for each?
Between 1929 and 1982, according to Edward Denison, approximately
a. one-fourth of the growth in output was due to the increase in the quantity of labor. b. one-third of the growth in output came from an increase in the quantity of labor. c. forty-five percent of the growth in output was credited to an increase in the quantity of labor. d. ten percent of the growth in output was responsible for the increase in the quantity of labor.
Demand curves and other economic relationships
A) are always linear. B) produce linear regression equations. C) can take many different functional forms. D) are dependent upon the type of advertising done.