Of federal government spending, less than _____ percent goes to foreign aid and about _____ percent pays the interest on the federal debt.
Fill in the blank(s) with the appropriate word(s).
1; 8 [see Figure 1, p. 144]
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The Cold War was of overriding importance during the period after World War II for all of the following reasons except
(a) It was an automatic "pump primer" which helped keep spending levels high in the overall economy. (b) It helped fuel growth of key sectors of the economy, such as aircraft manufacturing and computers. (c) It fostered economic growth and urbanization in many parts of the nation where military bases and defense factories were built. (d) It put people to work who would otherwise have been unemployed because without high levels of defense spending, the economy almost certainly would have lapsed back into a depression like the one of the 1930s.
Many economists believe that the federal government:
A. spends far too much on basic scientific research, as this activity should be reserved for the private sector. B. should spend more on basic scientific research because scientific knowledge is a public good with significant positive externalities. C. should conduct all R&D activity in the economy, limiting firms' ability to gain monopoly power through product innovation. D. should finance more consumption through Social Security and Medicare so that the increased demand encourages greater R&D.
Mercantilists perceived trade as a zero sum game
Indicate whether the statement is true or false
Which average cost curves are U-shaped?
What will be an ideal response?