The largest expenditure component of the federal budget is spending on
A. foreign aid.
B. the military.
C. public education.
D. entitlement programs.
Answer: D
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The role of government in a market economy would include all of the following except
A. providing services such as national defense. B. collecting taxes. C. extensive ownership of productive resources. D. making and enforcing laws.
In a large open economy, what is the source of the demand for loanable funds?
A. Net foreign investment and investment B. National saving and investment C. Investment D. Net foreign investment
Nominal GDP is equal to real GDP multiplied by the GDP deflator
Indicate whether the statement is true or false
The Wage and Price Controls of 1971 were an example of
A. free enterprise. B. a command-and-control approach. C. a mixed approach. D. market-based economics.