Since the 1950s, total expenditures in the United States nearly tripled to about 60 percent of GDP
a. True
b. False
Indicate whether the statement is true or false
False
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Are there real-world markets that resemble double oral auctions? Suppose you had to organize a double oral auction for a good that has perfectly elastic demand. Do you expect prices to approach the competitive equilibrium?
What will be an ideal response?
An illustration of the term "automatic stabilizer" is provided by
A. The tendency of tax collections to rise as the economy moves into a recession. B. The tendency of tax collections to fall as the economy moves into a recession. C. Increases in tax rates as the economy moves into a recession. D. Decreases in tax rates as the economy moves into a recession.
The relationship between quantity supplied and price is __________ and the relationship between quantity demanded and price is ____________.
A. direct; direct B. inverse; inverse C. inverse; direct D. direct; inverse
Behavioral economists believe that people can be made better off by:
A. Giving them more options, just like the belief of neoclassical economists B. Giving them more options, contrary to the belief of neoclassical economists C. Getting them to select better from the same set of options as they had initially D. Requiring them to follow an externally-determined best choice among their options