Which of the following is true?
A. The role of government grew most rapidly from 1920 to 1933.
B. The role of government grew most rapidly during Franklin Roosevelt's Administration from 1960 to 1975.
C. The seeds of the expansion of the federal government's economic role were sown during the Nixon Administration from 1933-1945.
D. The seeds of the expansion of the federal government's economic role were sown during the Roosevelt Administration from 1933-1945.
D. The seeds of the expansion of the federal government's economic role were sown during the Roosevelt Administration from 1933-1945.
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Which of the following correctly ranks the amounts from largest to smallest?
A. total output, output per person, average labor productivity B. output per person, total output, average labor productivity C. total output, average labor productivity, output per person D. average labor productivity, output per person, total output
Putting quarters into a Las Vegas slot machine and receiving quarters out of that machine is analogous to the circular flow model because
a. the value of the resources flowing into firms is precisely the value of the goods and services flowing out of firms b. the value of the components of national income flowing into the firms is precisely the value of consumption and investment flowing out of the firms c. the absolute dollar amount of the production goods going out from the firms equals the absolute dollar amount of the consumption goods that households consume d. households gamble e. you can then substitute the casino economy for the get-rich-quick schemes that are all too prevalent in the economy today
The vertical portion of the aggregate supply curve shows that at full employment an increase in the price level will:
A. not alter the economy's full-employment real GDP. B. increase the economy's full-employment real GDP. C. reduce the quantity of goods and services purchasers will demand. D. improve the overall efficiency of resource use.
If you buy stocks and bonds, the dollar value of those stocks and bonds is
A. included in Gross Domestic Product (GDP) if the stocks and bonds were issued by business firms but not if they were issued by governments. B. included in Gross Domestic Product (GDP) under investment. C. included in Gross Domestic Product (GDP) under consumer expenditures. D. not included in calculating Gross Domestic Product (GDP) for they merely represent a transfer of ownership.