The government’s budget accounts for about 80 percent of GDP in the United States.

Use the firm's long-run cost-minimizing decision rule to explain the differences in the relative use of capital and labor in agriculture in the United States and the Peoples Republic of China

What will be an ideal response?

When economists say an individual displays economizing behavior, they simply mean that she is

a. making a lot of money. b. buying only those products that are cheap and of low quality. c. learning how to run a business more effectively. d. seeking the lowest cost method to accomplish her objectives.