Currently, total government expenditures in the United States have totaled about:
a. one-tenth of GDP.
b. one-fifth of GDP.
c. 40 percent of GDP.
d. one-half of GDP.
c
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Refer to Figure 26-14. In the figure above, suppose the economy in Year 1 is at point A and is expected in Year 2 to be at point B. Which of the following policies could the Federal Reserve use to move the economy to point C?
A) sell Treasury bills B) decrease income taxes C) buy Treasury bills D) increase the required-reserve ratio
The measurement of industry concentration which calculates the percentage of all sales contributed by a specific number of leading firms is called the
A) Herfindahl-Hirschman Index. B) concentration ratio. C) producer price index. D) P/E ratio.
The federal government's support of farm prices in the United States has affected the value of farm property
Indicate whether the statement is true or false
An efficient distribution of goods requires that
a. everyone gets an equal share of each good. b. marginal cost equal marginal utility for the last unit produced. c. each person derives the same total utility from the good. d. since tastes differ, every person pays a different price in accordance with different marginal utilities.