Which of the following "factors of production" is included in the neoclassical growth theory?
A) skills and education of the workforce
B) cultural attitudes toward work
C) effectiveness of the legal system in protecting property rights
D) labor measured in units of effective labor
E) all of the above
D
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Charlene is willing to pay $5.00 for a sandwich. If Charlene must pay ________ for a sandwich, she ________
A) $4.00; does not receive consumer surplus B) $4.00; receives consumer surplus C) $6.00; receives consumer surplus D) $6.00; receives a marginal cost
As conventionally measured, budget deficit and surplus calculations include the revenues and expenditures of
a. only current government operations; government trust funds are omitted. b. all government trust funds except Social Security. c. the Social Security Trust Fund, but other government trust funds are omitted. d. all government trust funds, including Social Security.