The largest category of federal government spending is growing because
a. the U.S. must spend more on national defense due to the war against terror.
b. the elderly population is increasing due to rising life expectancies.
c. expenditures on space exploration have increased dramatically.
d. expenditures on school voucher programs have increased dramatically.
b
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Since income and substitution effects point in the same direction for normal goods, the leisure demand curve will be shallower if leisure is a normal good than if leisure is an inferior good.
Answer the following statement true (T) or false (F)
The price in a contestable market is similar to that in a perfectly competitive market because
A) there are barriers to entry. B) there are no barriers to entry. C) there are many firms in the market. D) the firm can earn an economic profit in the long run.
Which of the following labor market statistics best indicates the amount of labor that is available to the economy from a given working-age population?
A) labor force participation rate B) unemployment rate C) discouraged-worker ratio D) the ratio of minimum wage to inflation
The National Banking Act of 1863, did which of the following?
(a) Permitted interstate branch banking (b) Created one national central bank in the U.S. (c) Created federally chartered national banks restricted to conducting businesses within a designated state. (d) Created federally chartered national banks open to conducting businesses across states.