Which of the following categories accounted for the lowest percent of the total federal government expenditures in recent years?
a. Income security.
b. National defense.
c. Education and health.
d. Interest on the national debt.
d
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The author of An Inquiry Into the Nature and Causes of the Wealth of Nations was
A) Duncan Bradstreet. B) Dow Jones. C) John Maynard Keynes. D) Karl Marx. E) Adam Smith.
Under a flexible exchange rate system, the rate that equates demand and supply in the exchange rate market also equates the
a. value of the nation's merchandise exports with the value of its merchandise imports. b. value of the nation's purchases of goods, services, and assets from foreigners with the value of the nation's sales of these items to foreigners. c. debit and credit items on current account transactions. d. debit and credit items on capital account transactions.
If you take investment by U.S. residents in other countries and you subtract investment by foreign residents in the U.S., you will find
a. gross foreign investment b. net foreign investment d. gross domestic product e. negative net foreign investment
Institutions are
A) the same thing as organizations. B) associations of individuals or groups. C) always embodied in a written set of rules. D) a set of rules governing behavior, whether written or not.