The largest budgetary expense for the federal government in 2011 was
a. interest on the national debt.
b. health.
c. highways.
d. income security.
d
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According to the H-S definition of income, employer contributions are excluded from money income.
A. True B. False C. Uncertain
Gross domestic product is a monetary measure of
A. total consumption in the economy. B. the total value of all final goods and services. C. total industrial output. D. the total value of all foreign sales and purchases.
The value of the marginal product of new capital increases when the:
A. the price of the good the firm produces decreases. B. real interest rate increases. C. price of new capital goods increases. D. productivity of new capital increases.
Consumption is most likely to respond one-for-one with changes in current income when
A) the change in current income results from a one-time bonus. B) people believe the change in their current income is temporary. C) people are able to borrow as much as they wish, as long as they pay it back. D) the change in current income is caused by the business cycle. E) none of the above