Federal spending in nominal dollars (that is, dollars not adjusted for inflation) has grown by what multiple from 1960 to 2014?
a. 10
b. 23
c. 30
d. 38
d. 38
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Refer to Figure 4-5. The figure above represents the market for pecans. Assume that this is a competitive market. Which of the following is true?
A) If the price of pecans is $3 producers will sell 12,000 pounds of pecans but this output will be economically inefficient. B) If the price of pecans is $9 consumers will purchase more than the economically efficient output. C) Both 4,000 pounds and 12,000 pounds are economically inefficient rates of output. D) If the price of pecans is $3 the output will be economically efficient but there will be a deadweight loss.
Other things the same, an increase in the price level makes the dollars people hold worth
a. more, so they are willing to spend more. b. more, so they are willing to spend less. c. less, so they are willing to spend more. d. less, so they are willing to spend less.
If laborers become more efficient over time, and if Company X would want to expand production, it would
A) substitute capital for labor. B) hire more laborers. C) hire fewer laborers. D) produce less product.
The largest expenditure component of the federal budget is spending on
A. foreign aid. B. the military. C. public education. D. entitlement programs.