Federal expenditures on national defense as a percentage of GDP have shown a steady year-to-year increase from 1960 to 2010
a. True
b. False
Indicate whether the statement is true or false
False
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An inward shift of the production possibilities frontier represents
A) negative economic growth. B) a rise in the unemployment rate. C) technological improvement. D) positive economic growth.
Simplifying the budget document by concentrating only on major groupings and eliminating line items would: a. ensure that cabinet members spend more time on administering an approved budget and defending a proposed budget. b. require longer-term economic forecasts that are difficult to obtain
c. prevent elected officials from including projects they prefer for their personal gains in the budget. d. increase the flexibility of the discretionary fiscal policy implemented by the federal government. e. require shorter-term economic forecasts that are easy to obtain.
The prospect of a recession in the United States would probably cause the dollar to
a. depreciate because interest rates would be expected to rise. b. depreciate because imports would be expected to rise. c. appreciate because imports would be expected to fall. d. appreciate because interest rates would be expected to decrease.
Which of the following provides the most secure protection for a firm with monopoly power?
a. quality advertising b. legal barriers restricting entry into the market of the monopolist c. predatory pricing d. limited economies of scale