The typical state spends the most on
a. education.
b. Medicare and Social Security.
c. highways.
d. defense.
a
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The intermediate zone in the middle of the short-run aggregate supply curve is upward sloping, so a rise in aggregate demand will cause higher output and price level, while a fall in aggregate demand will lead to ______ output and price level.
a. higher b. lower c. no change in d. surpluses in
The price tag on a tennis ball in 1975 read $0.10, and the price tag on a tennis ball in 2005 read $1.00 . The CPI in 1975 was 52.3, and the CPI in 2005 was 191.3 . The price of a 1975 tennis ball in 2005 dollars is
a. $0.03. b. $0.27. c. $0.37. d. $1.00.
Which of the following happens when Henry Hyde pays for the bond by writing a check from his checking account at the Jekyll Bank?
A) Jekyll Bank's checkable deposits decreases by $50,000 and its reserves decreases by $45,000. B) Jekyll Bank's checkable deposits decreases by $45,000 and its reserves decreases by $50,000. C) Jekyll Bank's checkable deposits and reserves decrease by $50,000 each. D) Jekyll Bank's checkable deposits and reserves increase by $45,000 each.
Exhibit 10-3 Aggregate supply and demand curves
In Exhibit 10-3, the change in equilibrium from E1 to E2 represents:
A. deflation. B. demand-pull inflation. C. price-push inflation. D. cost-push inflation.