The largest single portion of the federal budget is devoted to
a. National defense.
b. Medicare and Medicaid.
c. Social Security and unemployment compensation.
d. Education.
e. Interest payments on the national debt.
c
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If real GDP declines for at least one-half year, the economy is experiencing a:
a. depression. b. decline. c. recession. d. growth recession. e. deflation.
Under conditions of oligopoly, economies of large-scale production mean that: a. firms are able to sell all of the output they desire
b. it is difficult for a firm to determine its profit-maximizing price and output. c. large firms would find it more profitable to break up into smaller production units. d. small firms are at a disadvantage in competing with relatively large firms.
If a two-person household moves from Miami to Atlanta, which of the following can describe the household?
A. Neither member of the household is a tied mover. B. One member of the household is a tied mover while the other is a tied stayer. C. Both members of the households are tied movers. D. One member of the household is a tied stayer. E. Neither member of the household is a tied stayer.
Table 1.2 shows the hypothetical trade-off between different combinations of Stealth bombers and B-1 bombers that might be produced in a year with the limited U.S. capacity, ceteris paribus.Table 1.2Production Possibilities for BombersCombinationNumber of B-1 BombersOpportunity cost(Foregone Stealth)Number of Stealth BombersOpportunity cost (Foregone B-1)A20Na195 B35 180 C45 150 D50 100NAOn the basis Table 1.2, if the economy is currently producing at point C, what is the opportunity cost of producing at point B?
A. 180 Stealth bombers. B. 35 Stealth bombers. C. 45 B-1 bombers. D. 10 B-1 bombers.