In the U.S., government expenditure accounts for
a. 10% of GDP
b. 20% of GDP
c. 40% of GDP
d. government expenditure is not included in GDP
B
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If a $1 sales tax is imposed on the sale of a CD, and neither the demand nor the supply is perfectly elastic or perfectly inelastic, then the price of a CD paid by consumers will
A) increase by $1 and fewer CDs will be bought. B) increase by less than $1 and fewer CDs will be bought. C) not change and the same number of CDs will be bought. D) increase by $1 and the same number of CDs will be bought. E) increase by more than $1 and fewer CDs will be bought.
Which of the following represents positive economics?
a. Policy A is fair. b. Outcome B is the best objective to achieve. c. If policy A is followed, then outcome B results. d. All of these.
What is a depreciation to one country must be an appreciation to the other.
Answer the following statement true (T) or false (F)
The collection and use of data to test economic theories is called empirical economics.
Answer the following statement true (T) or false (F)