Between 1960 and 2012, the share of federal spending allocated to national defense
a. declined sharply, while the share allocated to health care increased substantially.
b. rose sharply, while the share allocated to health care declined substantially.
c. was relatively constant, while the share allocated to health care declined modestly.
d. declined modestly, while the share allocated to health care was relatively constant.
A
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Shortages occur at prices which are above the market clearing price
Indicate whether the statement is true or false
The aggregate supply curve that defines the level of full employment or potential output based on a given amount of resources, efficiency, and technology in the economy is called:
A) short-aggregate supply curve. B) long-run aggregate supply curve. C) intermediate aggregate supply curve. D) none of the above.
A three-word synonym for the term ceteris paribus is
A) "nothing else changes." B) "in my opinion." C) "it is proved." D) "under this assumption."
Net public debt is
A. all federal public debt irrespective of who owns it. B. all public debt minus all money owed on the federal income tax. C. all public debt plus all government interagency borrowing. D. gross public debt minus all government interagency borrowing.