According to the BEA, in the second quarter of 2012 federal government spending on goods and services changed by -0.1 percent. This decrease could have been caused by a decrease in spending on

A) national defense.
B) Social Security.
C) interest payments on the national debt.
D) unemployment benefits.


A

Economics

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The long-run Phillips curve applies when the economy is at full employment, so the long-run Phillips curve is

A) upward sloping. B) downward sloping. C) vertical. D) horizontal. E) unnecessary.

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A negative externality occurs when: a. the social cost curve lies above the private cost curve

b. the social cost curve is below the private cost curve. c. a third party benefits from a market transaction by others. d. there is an increase in the private cost borne by sellers.

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Suppose a bank has $1 million in deposits, a required reserve ratio of 25 percent, and total reserves of $600,000. Then it has excess reserves of

A. $350,000. B. $250,000. C. $1,000,000. D. $600,000.

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If you are an authoritarian, you ascribe to

a. theory x b. theory y c. theory xy d. management theory

Economics