Annual budgeting of production goals of a division within a firm
a. is an accounting mechanism to plan for the costs and revenues over a time period
b. increase the burden on the division when goals rise
c. can lead to accumulated inventory when goals rise
d. all of the above
d
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Robinson Crusoe is stranded on an island. He finds that coconuts are freely available (zero harvest cost), but fish are difficult to harvest and require a lot of energy. As a result, harvesting fish has a high price
If coconuts and fish are imperfect substitutes, what is Robinson Crusoe likely to consume? A) He will consume more coconuts than fish. B) He will consume more fish than coconuts. C) He will consume equal amounts of both goods. D) Not enough information is given.
Four major areas of government expenditure in the United States include:
a. national defense, Social Security, healthcare, and interest payments. b. national defense, Social Security, healthcare, and environmental protection. c. national defense, Social Security, international affairs, and interest payments. d. national defense, Social Security, international affairs, and environmental protection.
Ration coupons are typically associated with which of the following government programs?
a. price floors b. target prices c. soil bank programs d. price ceilings e. minimum wage laws
Budget projections for 2014-2020 indicate both higher levels of government spending and large budget deficits. Non-Keynesian economists argue that this will lead to
a. lower taxes, which will reduce aggregate supply and retard long-term growth. b. growth rates above the historic average for the decade. c. an increase in aggregate demand and real output. d. higher interest rates, higher taxes, and sluggish future growth.