Government expenditures as a share of the U.S. economy are:
a. the largest in the world.
b. the smallest in the world.
c. smaller than most Western European countries.
d. larger than Canada, France, and the United Kingdom but slightly smaller than Germany and Italy.
c
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When the price of a pizza decreases from $12 to $10, it is definitely the case that the
A) income effect means people buy less pizza. B) substitution effect means people buy more pizza. C) quantity demanded of pizza will not change. D) None of the above answers is correct.
The figure illustrates Anne's demand for books. At ________ a book, Anne's demand for books is inelastic
A) all prices between $15 and $30 B) all prices between $10 and $15 C) all prices between $10 and $20 D) all prices below $30
In the specific factors model, a 5% increase in the price of food accompanied by a 0% increase in the price of cloth will cause wages to ________, the production of cloth to ________, and the production of food to ________
A) increase by less then 5%; decrease; increase B) increase by 5%; remain unchanged; remain unchanged C) increase by more then 5%; increase; remain unchanged D) remain constant; increase; increase E) remain constant; decrease; decrease
Since 1962, which of the following federal expenditures, measured as a percentage of GDP, has increased the most?
A) Social Security B) Medicare and Medicaid C) net interest D) defense