In the national income accounts, government expenditure on goods and services refer to those purchases made by
A) federal and state governments only.
B) the federal government only.
C) state and local governments only.
D) all levels of government.
D
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In the circular flow model, consumption goods are bought and sold in the
A) goods markets. B) financial market. C) factor markets. D) government market. E) monetary flows.
DrugCo has two demand equations for its retail products (pain reliever and cancer):Pain relief: P = 100 ? 10 QCancer drug: P = 200 ? 15 Q The marginal cost of production is $30. Which product should go to the retail market and which should go to the wholesale market? What are the corresponding retail and wholesale prices? What would happen if the sales are switched from the retail to the wholesale and vice versa?
What will be an ideal response?