Of the following, the largest single component of U.S. federal government expenditures is spent on
A) transfers to state and local governments.
B) Medicare and Medicaid.
C) interest paid on the national debt.
D) purchases of goods and services for purposes other than national defense.
E) national defense.
B
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From 1950 to 2009, the average length of recessions in the United States has been
A) less than 1 year. B) between 1 year and 2 years. C) between 2 years and 3 years. D) longer than 3 years.
The nominal interest rate ________
A) makes no allowance for inflation B) is a percentage of the amount borrowed C) is the rate that most banks advertise D) all of the above E) none of the above
The tit-for-tat strategy is:
A. one in which a player in a repeated game takes the same action that his or her opponent did in the preceding round. B. one in which both players explicitly agree to compete in the first round of a repeated game, and if one of them cooperates, the other will defect. C. not effective in prisoner's dilemma type games. D. All of these statements are true.
For a monopolist, if marginal revenue is $40, total revenue is
a. increasing b. decreasing c. zero d. positive e. negative