Which statement is true?
A. The government sector of GDP is larger than the consumption sector.
B. The federal government spends about five percent of our GDP on foreign aid.
C. The federal government spends less on Social Security than it does on defense.
D. None of these statements are true.
C. The federal government spends less on Social Security than it does on defense.
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What will be an ideal response?
If the inverse demand curve a monopoly faces is p = 100 - 2Q, and MC is constant at 16, then the deadweight loss from monopoly equals
A) $21. B) $441. C) $882. D) $1,764.
Assuming that pollution cannot be removed from the environment at zero cost, the optimal level of pollution
A) will be zero. B) will be negative. C) will be greater than zero. D) cannot be determined.
In the short term, an increase in government spending may
A. raise taxes but reduce wages. B. raise prices and wages. C. raise wages and reduce inflation. D. reduce taxes and wages.