Which of the following individuals would most likely favor an increase in government spending, as opposed to a tax cut, as the basis for expansionary fiscal policy?
a. "There must be a constant philosophical prejudice against any intervention by the state into our lives, for by definition such intervention abridges liberty."-William Simon
b. "The bastards [read politicians] can't spend what they don't have."-Howard Jarvis
c. "The family that takes its mauve and cerise, air-conditioned, power-steered, power-braked automobile through cities that are badly paved, made hideous by litter, [and] blighted buildings...to picnic beside a polluted stream amid the stench of refuse may properly reflect on the curious unevenness of their blessings."-J.K. Galbraith
d. "Public expenditures are made for the primary benefit of the middle class and financed with taxes on the poor and rich."-Director's Law
c
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Government production accounts for about half of all GDP in the United States.
Answer the following statement true (T) or false (F)
Suppose the government has a $1.2 trillion budget deficit. If the government borrows $1.2 trillion to finance this deficit and finances the rest by printing money, the amount of new money created will be
A) $0. B) $600 billion. C) $1.2 trillion. D) $2.4 trillion.
Between 1981 and 2013, the overall mortality rate in the United States
A) remained fairly constant. B) decreased by more than 25 percent. C) slowly but steadily increased. D) was similar to the average rate in most low-income countries.
A member of the labor force is defined as someone who is _______ .
a.already employed or actively seeking work. b.who is above the age of 16. c.who is employed. d.who is employed on a part-time basis. e.already employed on a full-time basis.