The shares of GDP taken in taxes by federal, state & local governments
a. have risen steadily in the past 40 years to about 22 percent.
b. have dropped steadily in the past 40 years to about 6 or 7 percent.
c. grew substantially until the early 1970s and have leveled off at about 10 to 11 percent.
d. fell steadily until the early 1970s and has risen steadily since then.
c
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The quantity of money held in response to interest rates is the:
a. transactions motive for holding money. b. precautionary motive for holding money. c. speculative motive for holding money. d. unit-of-account motive for holding money.
Food in the pantry of a household is a resource
Indicate whether the statement is true or false
The work of a firm's manager is
a. entrepreneurship b. human capital c. labor d. more difficult and deserving of a higher reward than the work of labor e. essentially to assume risk and uncertainty
Marquis borrowed $1,000 from Ayana for a year and agreed to repay her $1,050 at the end of the year. If the inflation rate was 3 percent, what is the real rate of interest Ayana received?
a. 10 percent b. 5 percent c. 3 percent d. 2 percent e. -2 percent