Which of the following statements characterizes government transfer payment spending in the United States between 1960 and 2015?
A) Transfer payment spending by the federal government and by state and local governments has decreased as a percentage of GDP.
B) Transfer payment spending by the federal government and by state and local governments has more than tripled as a percentage of GDP.
C) Transfer payment spending by the federal government and by state and local governments has remained constant as a percentage of GDP.
D) Transfer payment spending by the federal government and by state and local governments has fluctuated widely over this period.
Answer: B) Transfer payment spending by the federal government and by state and local governments has more than tripled as a percentage of GDP.
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If the percentage change in the quantity of teapots demanded is greater than the percentage change in the price of teapots, then
A) the price elasticity of demand for teapots is greater than 1 in absolute value. B) the demand for teapots is unit elastic. C) the price elasticity of demand for teapots is less than 1 in absolute value. D) the price elasticity of demand for teapots is equal to zero.
The __________ declared that some forms of price discrimination is illegal, especially when it decreases competition.
a. Robinson-Patman Act b. Sherman Antitrust Act of 1890 c. Merger Act d. Federal Trade Commission Act.