Which of the following categories accounted for the largest percentage of total federal government expenditures in recent years?
A. income security
B. national defense
C. education and health
D. interest on the national debt
Answer: A
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During the Great Depression in the 1930s, the average tariff level in the United States peaked at about
A) zero. B) 6 percent. C) 20 percent. D) 100 percent.
Juanita earned a B.S. in engineering and went to work for a large defense contractor in a small town in California. When the government cut spending, Juanita and 99 others were laid off. The only other business in the town is growing grapes to be made into raisins, but the growers refuse to hire laid-off engineers, knowing they will leave at the first opportunity. The unemployment Juanita is
experiencing is: a. cyclical. b. structural. c. permanent. d. frictional. e. voluntary.
The idea that a consumer is limited to selecting a bundle of goods that is affordable is captured by the:
A. indifference curve. B. budget constraint. C. price changes. D. consumer equilibrium.
Janie must choose to either mow the lawn or wash clothes. If she mows the lawn, she will earn $30, and if she washes clothes, she will earn $45. She dislikes both tasks equally and they both take the same amount of time. Janie will therefore choose to ________ because it generates a ________ economic surplus.
A. wash clothes; smaller B. mow the lawn; bigger C. mow the law; smaller D. wash clothes; bigger