Which of the following is accurate regarding government expenditures in the United States?
a. The federal government spends considerably more than state and local governments combined.
b. The federal government spends more than local governments but less than state governments.
c. Local governments spend more than state governments, which in turn, spend more than the federal government.
d. Since 1930, total government expenditures as a share of GDP have declined.
A
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A real flow in the circular flow diagram is
i. a firm's payments of wages to its workers. ii. a household's purchase of a new car. iii. a farmer's use of land to grow corn. A) i, ii and iii B) ii only C) ii and iii D) i only E) i and iii
What flows to firms in a product market?
a. payments for goods and services b. goods and services c. payments for rent and wages d. technology and machinery
Refer to the above figure. The top two arrows of the figure refer to the product markets. The bottom arrows refer to the factor markets. Which arrow represents the total monetary value of all goods and services?
A. Arrow A B. Arrow B C. Arrow C D. Arrow D
For an economy to produce at a point beyond its current ppf, the economy must
A. increase its resource base. B. reduce inputs. C. be more efficient. D. waste less.