Combined federal, state, and local government expenditures in the United States were approximately 9 percent of the gross domestic product (GDP) in 1930 . How large were government expenditures as a share of GDP in 2012?
a. approximately 15 percent
b. approximately 25 percent
c. approximately 30 percent
d. approximately 38 percent
D
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Which of the following is true under conditions of perfect competition?
A. The market demand curve is perfectly elastic. B. No single firm can influence the market price. C. There are differentiated products. D. Each individual firm has the ability to set its own price.
After the Civil War, wheat production became regionally specialized and output production in the Midwest increased consequently
Indicate whether the statement is true or false
Which of the following lends reserves to private banks?
A. The Legislative Branch of government B. Comptroller of the Currency C. State banking commissions D. The Federal Reserve System
According to the law of increasing costs, as the United States expends more of its resources on reducing air pollution,
A. the quantity of other goods that must be given up for further reductions in air pollution will decrease. B. the quantity of other goods that must be given up for further reductions in air pollution will increase. C. the social cost of additional air pollution will increase. D. there will be no change in the marginal cost of reducing air pollution.