Refer to the information provided in Table 21.6 below to answer the question(s) that follow. Table 21.6
Refer to Table 21.6. The value for gross domestic product in billions of dollars is
A. 3,800.
B. 4,000.
C. 4,500.
D. 4,600.
Answer: D
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What is the main rationale economists provide for assigning government the responsibility of protecting people against foreign aggressors?
A) It would be too dangerous to allow citizens to keep and bear arms for the purpose of forming militias to defend their communities. B) Most people are patriotic only when the government is involved. C) "National defense" must by necessity be nationalized. D) People will not risk their lives unless government requires them to do so. E) Private providers could not exclude non-payers from the benefits.
The practice of medicine in the United States came under widespread regulation _____
a. before the Civil War b. between the Civil War and World War I c. between World War I and World War II d. after World War II
Even when people know the purchasing power of the currency is declining, they continue to use the currency because
A) they have no other choice. B) its value is holding better than any other asset. C) its value is still predictable. D) it still has some intrinsic value.
When answering this question, assume individuals consider only the short-run effects of changes in future variables when forming expectations of future output and future interest rates. Suppose policy makers announce a reduction in future government spending. Which of the following will occur as a result of this expected reduction in government spending?
A) a reduction in the expected future interest rate and no change in expected future output B) a reduction in the expected future interest rate and an increase in expected future output C) a reduction in the expected future interest rate and an ambiguous effect on expected future output D) none of the above