State and local governments receive more money from ________ than from any other source.
A. grants from higher levels of government
B. grants from lower levels of government
C. sales taxes
D. property taxes
Answer: A
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Which of the following factors of production is least likely to show diminishing marginal product?
A) Capital B) Labor C) Technology D) Land
The Laffer curve belongs to which of the following schools of economic thought?
a. Keynesian. b. Supply-side. c. Demand management. d. Classical.
In a typical short-run production function, before diminishing returns set in, the slope of the total product curve
A. is increasing. B. is decreasing. C. rises and then falls before diminishing returns sets in. D. falls and then rises before diminishing returns sets in.
The following provides data for an economy in a certain year. Consumption expenditures$50Imports$40Government purchases of goods and services$20Construction of new homes and apartments$30Sales of existing homes and apartments$40Exports$50Government payments to retirees$10Household purchases of durable goods$20Beginning-of-year inventory$10End-of-year inventory$20Business fixed investment$30Given the data, compute the government purchases component of GDP.
A. $40 B. $30 C. $10 D. $20