Government spending shrank the most in _____ relative to GDP between 1997 and 2016
a. Canada
b. Australia
c. Germany
d. Spain
e. the U.K.
a
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GDP excludes important factors that affect people's well-being, such as the value of:
A. leisure time. B. goods produced domestically but sold to foreigners. C. services purchased by households. D. government purchases of goods and services.
The "invisible hand" refers to the notion that
A) competitive markets send resources to their highest valued uses. B) government intervention is necessary to ensure efficiency. C) marginal benefit decreases as more is consumed. D) marginal cost increases as more is produced. E) no matter what allocation method is used, the resulting production is efficient.
The difference between the salaries paid to movie stars and to actors who play supporting roles is much greater today than it was in the 1930s and 1940s. What factor explains this increase in relative salaries over time?
A) There was no actors' union in the 1930s and 1940s. The rise of strong actors' unions has caused salaries of movies stars to be greater today than in previous years. B) Technological advances in the entertainment industry increase the revenue that successful movies can earn. This has increased the movie studios' willingness to pay high salaries to movie stars. C) The studio system that dominated the industry in the 1930s and 1940s no longer exists. The studio system allowed movie studios to sign actors to long-term contracts that kept salaries down. D) Agents of movies stars are effective in obtaining large salaries for their clients today. Few movie stars had agents to negotiate for them in the 1930s and 1940s.
In October 2012, the largest liability of the Fed was
A) currency in circulation. B) reserves. C) discount loans to banks. D) vault cash.