Answer the following statement(s) true (T) or false (F)
1. Government expenditures are currently the lowest percentage of GDP they have ever been.
2. Transfer payments have doubled since the 1960s.
3. Social security, Medicare, and Medicaid are all discretionary programs.
4. State and local spending closely mirrors federal spending.
5. State and local governments receive significant funds from the federal government.
1. False
2. True
3. False
4. False
5. True
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For a perfectly competitive firm the break-even price is equal to the shutdown price in the short run
a. True b. False Indicate whether the statement is true or false
A transmission lag:
What will be an ideal response?
Which of the following is least likely to result in inflation?
a. A drought in California that causes farm production to fall. b. The government printing money to finance deficits. c. A reduction in consumer confidence. d. Rising instability in oil-producing nations.
A(n) ________ is a trade policy by which a nation agrees to limit its exports of a good in order to avoid more restrictive trade policies.
A. tariff B. voluntary export restraint (VER) C. import quota D. import ban