Over the course of the 20th century, _____
a. federal government expenditures have grown less than state and local expenditures
b. federal government expenditures have increased substantially as a percentage of GDP
c. federal government expenditures remained fairly constant except during wartime
d. federal government expenditures have always been higher than the expenditures of state and local governments.
b
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Which of the following is the most critical signaling mechanism in markets?
a. quantity b. price c. cost d. government regulation
When the government considers whether it should change its spending in response to a recession, it must weigh the tradeoff between ________ and ________.
A. less output; higher prices B. faster recovery time; inflation C. faster recovery time; lower prices D. more output; lower prices
Assume that a consumer purchases only two products. Suppose that the consumer's money income doubles, and the prices of the two products also double. These changes in income and prices will result in:
A. A shift of the budget line inward to the left B. A shift of the budget line outward to the right C. No change in the budget line D. An increase in the slope of the budget line
In considering pounds and dollars we can say that when the dollar rate of exchange for the pound rises
A. the pound rate of exchange for the dollar will fall. B. the pound rate of exchange for the dollar will also rise. C. the pound rate of exchange for the dollar may either fall or rise. D. American net exports to Britain will tend to fall.