The majority of spending in the category of government purchases comes from:
A. the federal government.
B. state and local governments.
C. transfer payments.
D. military spending.
Answer: B
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If demand is perfectly inelastic
A) then a 1% increase in price leads to a fall in quantity of greater than 1%. B) then a 1% increase in price leads to a fall in quantity of less than 1%. C) then a 1% increase in prices then quantity demanded falls to zero. D) then a 1% increase in price has no effect on quantity demanded.
Falling energy prices could explain rising labor productivity in the 1990s
A. and the 1980s. B. and the 1970s. C. but not the 1980s. D. but not the 1970s.
Which term refers to members of Congress bundling unrelated laws together to benefit projects in their own districts?
a. Budget trading b. Vote cycling c. Logrolling d. Pork-barrel spending
The more substitutable current consumption is with future consumption, the more likely it is that an increase in the interest rate will cause an increase in savings.
Answer the following statement true (T) or false (F)