Which of the following is true of fiscal spending at the federal, state, and local levels of the U.S. government?
a. In 2009, total government spending equalled around $1 billion.
b. Investment expenditure in the U.S. exceeds the total spending at all levels of government.
c. Government spending at federal, state, and local levels declined steadily from the 1960s until about 1980.
d. Through the 1950s and 1960s, the U.S. government maintained a balanced budget.
e. Federal government spending exceeds state and local government spending in the U.S.
d
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Suppose you are given the following demand data for a product.PriceQuantity Demanded$1030940850760670The price elasticity of demand (based on the midpoint formula) when price decreases from $9 to $7 is
A. -1.16. B. -2.27. C. -.63. D. -1.60.
Brooke and Sandy both attend the same college and have the same expenses for tuition, books, and supplies. However, Brooke is a famous actress who could earn $2 million per year if she were not attending college whereas Sandy could earn $10,000 a year serving hamburgers if he were not attending college. It follows that the opportunity cost of attending college:
A. is greater for Brooke than for Sandy. B. for Brooke and Sandy cannot be compared. C. is greater for Sandy than for Brooke. D. is the same for both Brooke and Sandy.
Which is the most accurate statement?
A. Most strikes cause no economic disruption. B. The job of a mediator is to impose a settlement. C. Collective bargaining negotiations occasionally end with a strike. D. The firm with the least ability to withstand a strike would be a manufacturing firm.
A change in one of the many determinants of ______ or ______ leads to changes in equilibrium price and equilibrium quantity.
a. goods; services. b. demand; supply c. demand; services d. goods; supply