From1980 –2007, government spending on all levels of education in constant dollars
a. increased by 1 percent per year
b. increased by slightly more than 3 percent per year
c. increased more than 10 fold
d. fell by 5 percent
e. fell by 5 percent per year
B
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In the years immediately following the passage of the American Recovery and Reinvestment Act, interest rates ________, and the prices of goods and services ________.
A. remained high; barely changed B. fell dramatically; rose at higher-than-normal rates C. rose sharply; fell sharply D. remained low; rose at lower-than-normal rates
During the post-bellum period, growth in demand outpaced growth in supply, causing food prices to fall
Indicate whether the statement is true or false
The principle that the opportunity cost increases as the production of one output expands along the production possibilities curve is the:
a. law of increasing opportunity costs. b. law of supply. c. law of demand. d. law of diminishing returns.
Which of the following is not an argument used in favor of protectionism?
a. To protect an "infant" industry. b. To protect domestic jobs. c. To preserve national security. d. To protect against "unfair" competition because of cheap foreign labor. e. To reduce prices paid by domestic consumers.