Industrial machinery is an example of
a. a factor of production that in the past was an output from the production process.
b. technological knowledge.
c. a production function.
d. an item which always has the property called constant returns to scale.
a
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One difference between the federal government budget and state and local budgets is that
a. deficits in state and local governments average zero over longer periods of time. b. cyclical deficits are zero for state and local governments. c. state and local governments typically run surpluses. d. both a and b. e. none of the above.
A government-sponsored good is one that
A) everybody is willing to support with funding contributions. B) is inherently valuable. C) the political process has determined socially desirable. D) everybody will receive concrete benefits from.