The three major categories of government spending are
A) government purchases, defense spending, and interest payments.
B) defense spending, Medicare and Medicaid, and net interest.
C) government purchases, transfer payments, and net interest.
D) government purchases, defense spending, and transfer payments
Ans: C) government purchases, transfer payments, and net interest.
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Under the conditions set for the taking of property by eminent domain, the government could take private property
A) to build a highway. B) to allow a private developer to construct residential housing. C) so a professional sports franchise can build a new stadium. D) all of the above
Tommy buys only soda and pizza and is buying the amounts that maximize his utility. The marginal utility from a soda is 5 and the price of a soda is $1. The marginal utility from a slice of pizza is 10. The price of a slice of pizza must be
A) $10. B) $2. C) $1. D) some amount that cannot be calculated without more information.