Economics: The Basics 1st Edition by Mike Mandel

Exercise 1

Say whether each of the following statements is true or false.
a) The public sector includes the military.
b) Most college students attend private institutions.
c) The New Deal included Social Security.
d) The New Deal included Medicare.
e) Government employment as a share of all workers has risen since the 1970s.
f) The Environmental Protection Agency was created under President John. F. Kennedy.
g) Government spending as a share of gross domestic product is higher in the United States than in most other large economies.
h) Government has an incentive to quickly adopt new technology.
i) Lobbyists taking politicians out for lunch is a small example of rent-seeking behavior.
j) Taxation is harmful because it lowers the quantity produced and bought in a market.
k) Basic research is an important public good.
l) Antitrust laws guarantee that there are not enough competitors in markets.