In 2007, at the federal level government purchases of goods and services putting transfer payments and interest aside, amounted to approximately what percentage of GDP?
a. 5 percent
b. 15 percent
c. 25 percent
d. 30 percent
e. 50 percent
D
You might also like to view...
We need to study a model in which real and nominal variables interact in order to understand how the economy works
a) in the short run but not the long run. b) without regards to any time period, whether the short run or the long run. c) in both the short run and the long run. d) in the long run but not the short run.
What is the misery index? What are the economic conditions when it is low versus when it is high?
What will be an ideal response?
If the economy is inside the production possibilities curve, then more output can be produced using existing resources.
Answer the following statement true (T) or false (F)
Assume that price is greater than average variable cost. If a perfectly competitive seller is producing at an output where price is $11 and the marginal cost is $14.54, then to maximize profits the firm should
A) continue producing at the current output. B) produce a smaller level of output. C) produce a larger level of output. D) There is not enough information given to answer the question.