In most developed economies, public spending on national defense
a) is the largest component of the government’s budget
b) accounts for about 1/3 of GDP
c) is less than spending on transfer payments
d) cannot be distinguished from infrastructure expenditures in the national accounts
e) is financed by a national system of subscriptions
c) is less than spending on transfer payments
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If you, as sole proprietor of a corner grocery store, work 15 hours per day, six days a week but do not take a money wage payment, then the cost to your firm of your labor is your
a. opportunity cost and is considered an explicit cost b. opportunity cost and is considered an accounting cost c. opportunity cost and is considered an implicit cost d. explicit cost and is considered an opportunity cost e. implicit cost even though it is considered an explicit cost
The Italian economy can be characterized by Equation 24.1.EQUATION 24.1:C = 300 + 0.8Yd G = 400T = 200I = 200Refer to Equation 24.1. At the equilibrium level of output in Italy, saving equals
A. $400. B. $450. C. $500. D. $550.