In 2010, the combined expenditures of federal, state, and local governments in the United States were approximately 40 percent of gross domestic product (GDP). Approximately what percentage of GDP were government expenditures in 1930?
What will be an ideal response?
9 percent
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Which auctioned good is more likely to have different private values across potential bidders?
A) a truckload of sand B) a Monet painting C) a brand new car D) a gold bar
The Dutch Disease had occurred in Netherlands because:
a. the Netherlands government had borrowed heavily from the World Bank to meet its Balance of Payment deficits. b. the price of the primary commodities declined in the international market. c. the demand for natural gas exports from Netherlands increased substantially. d. the currency of Netherlands depreciated in the international market. e. the price of the commodities manufactured by Netherlands declined in the international market.
In the late summer of 2005 some regions of the country were suffering from drought. What effect would we expect this to have on the stock of companies such as John Deere that manufacture farm equipment?
a. raise the demand for existing shares of the stock, causing the price to rise b. decrease the demand for existing shares of the stock, causing the price to fall c. raise the supply of the existing shares of stock, causing the price to rise d. raise the supply of the existing shares of stock, causing the price to fall
If you operated a small bakery, which of the following would be a variable cost in the short run?
A. Baking ovens. B. Interest on business loans. C. Annual lease payment for use of the building. D. Baking supplies (flour, salt, etc.).