The majority of federal government spending on income transfers would be classified as welfare
Indicate whether the statement is true or false
F
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Is an efficient market allocation fair? Explain
Economists blame the long lines at gasoline stations in the U.S. in the 1970s on
a. U.S. government regulations pertaining to the price of gasoline. b. the Organization of Petroleum Exporting Countries (OPEC). c. major oil companies operating in the U.S. d. consumers who bought gasoline frequently, even when their cars' gasoline tanks were nearly full.
At the time of Elise's 20 year high school reunion she was earning $50,000 and the CPI was 80. Now that it is time for her to attend her 25 year high school reunion, Elise's income has risen to $80,000 and the CPI is 150. At her 25 year reunion, can Elise rightfully brag that her real income has risen since the last time she saw her former classmates five years ago?
A) Yes, Elise's real income rose during that 5 year period. B) No, Elise's real income fell during that 5 year period. C) No, Elise's real income remained constant during that 5 year period. D) It is impossible to determine what happened to Elise's real income.
The four components of planned aggregate expenditure are:
A. consumption, planned investment, government transfers, and net interest. B. consumption, planned investment, government purchases, and net exports. C. spending on durable goods, inventory investment, government debt, and net exports. D. spending on domestic goods, domestic services, foreign goods, and foreign services.