Federal government outlays include ________
A) transfer payments, grants to states, interest payments on the national debt and income tax revenues
B) grants to states, interest payments on the national debt, income tax revenues and government purchases
C) interest payments on the national debt, income tax revenues, government purchases and transfer payments
D) government purchases, transfer payments, grants to states and interest payments on the national debt
D
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Refer to Figure 17-9. Fed Chairman Paul Volcker's response to the ________ of the late 1970s is depicted in the figure above as a movement from C to D to A
A) appreciation of the dollar B) deflation C) high inflation D) high unemployment
If voters lack an economic incentive to become informed about pending legislation, then their preferences become a constraint on legislators voting for rent-seeking legislation
Indicate whether the statement is true or false
Putting quarters into a Las Vegas slot machine and receiving quarters out of that machine is analogous to the circular flow model because
a. the value of the resources flowing into firms is precisely the value of the goods and services flowing out of firms b. the value of the components of national income flowing into the firms is precisely the value of consumption and investment flowing out of the firms c. the absolute dollar amount of the production goods going out from the firms equals the absolute dollar amount of the consumption goods that households consume d. households gamble e. you can then substitute the casino economy for the get-rich-quick schemes that are all too prevalent in the economy today
The Community Reinvestment Act (CRA) was passed in 1977 to encourage financial institutions to_________________________. It was revised in 1995 to ____________ the percentage of mortgage loans going to low- and moderate-income borrowers
A) lend to only the most qualified borrowers; increase B) meet the needs of borrowers in all segments of their communities; decrease C) meet the needs of borrowers in all segments of their communities; increase D) lend to only the most qualified borrowers; decrease