Government assistance programs in the United States
a. have expanded significantly since their establishment in 1964.
b. consist mainly of cash payments.
c. are funded entirely by the federal government.
d. have typically required beneficiaries to participate in community work or job training programs
e. are primarily funded by state governments.
A
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Demand is more elastic
a. in the short run than in the long run b. for necessities than for luxuries c. for food than for hamburgers d. for goods with many substitutes than for goods with only a few e. for broadly defined goods than for narrowly defined ones
According to Keynes, aggregate supply and aggregate demand will be equal only if
A. savings equals investment. B. savings exceeds investment. C. investment is larger than savings in the economy. D. is not related to the relationship between savings and investment.
What is the type of economic system that relies on one central authority to make economic decisions?
A. command and control B. mixed economic system C. price system D. free market
In addition to saving and investment in capital, making an even larger contribution to long-term economic growth in real GDP per person
A) are technological advances. B) is lower current consumption. C) is higher current consumption. D) is a larger work force.