Since 1970, the composition of federal expenditures has:
a. been virtually unchanged, but federal spending as a share of GDP has declined substantially.
b. been virtually unchanged, but federal spending as a share of GDP has increased sharply.
c. shifted away from national defense and toward spending on income security.
d. shifted away from income security income transfers and toward spending on national defense.
c
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Official unemployment statistics
A. understate unemployment because individuals receiving unemployment compensation are counted as employed. B. overstate unemployment because workers who are involuntarily working part time are counted as being employed. C. understate unemployment because discouraged workers are not counted as unemployed. D. include cyclical and structural unemployment but not frictional unemployment.
One reason why airlines charge business travelers and leisure travelers different prices is
A) business travelers fly according to schedules that are planned months in advance. Many leisure travelers buy their tickets at the last minute. B) business travelers fly more often than most leisure travelers. As a result, their employers are able to bargain with airlines for lower fares than leisure travelers pay. C) business travelers often have inflexible schedules and have to travel on a particular day. The opposite is true for leisure travelers. D) business travelers usually travel alone. Leisure travelers often fly with friends and family members; therefore, they have a more inelastic demand for airline tickets than business travelers.
The largest share of federal government tax receipts is derived from
A) corporate income taxes. B) excise taxes. C) social insurance contributions. D) individual income taxes.
Which of the following would economic freedom lead to?
a. A higher standard of living b. Better living conditions c. Longer life expectancy d. Better education e. All of these