In the United States, all levels of government together spend about

a. one out of every three dollars paid for finished goods and services
b. half of the dollars paid for defense spending
c. the same amount as private citizens and corporations
d. one out of every three dollars paid for education
e. 80 percent of their budgets on transfer payments

A

Economics

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A "backstop resource" is a close substitute for a depletable resource that is available in almost unlimited supply but at a higher cost. Shale oil is a backstop resource for crude oil. Which of the following statements is correct?

a. The production of shale oil is likely to increase over time even if crude oil is still available. b. Shale oil is unlikely to be produced until all the crude oil has been depleted. c. The existence of shale oil as a backstop resource will discourage firms from seeking new reserves of crude oil. d. In the future, shale oil is likely to be produced at the same time as crude oil and to sell for a lower price.

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Between 1968 and 2008 the percentage share of income that went to the top quintile

A. fell substantially. B. fell somewhat. C. stayed about the same. D. rose substantially.

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Given an upward sloping aggregate supply curve, which of the following changes in the aggregate demand curve is observed when the Fed reduces the money supply?

a. The aggregate demand curve shifts leftward, lowering real GDP and the price level
b. The aggregate demand curve shifts leftward, raising real GDP and the price level.
c. The aggregate demand curve shifts leftward, lowering real GDP but raising the price level.
d. The aggregate demand curve shifts rightward, raising real GDP and the price level.
e. The aggregate demand curve shifts rightward, lowering real GDP but raising the price level.

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Economics

The government performs each of the following economic functions except

A. collecting taxes. B. spending. C. issuing regulations. D. operating the price mechanism.

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Economics