What percentage of federal spending was financed by borrowing during 2009-2010?
a. approximately 10 percent
b. approximately 20 percent
c. approximately 40 percent
d. more than 50 percent
C
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Which of the following goods will have the most elastic demand at any time?
a. coffee b. gasoline c. restaurant meals d. insulin
The opportunity cost of an activity includes the value of:
A. the least-best alternative that must be foregone. B. the chosen activity minus the value of the next-best alternative. C. the next-best alternative that must be foregone. D. all of the alternatives that must be forgone.
The primary duty of the customs agency of a government is the assessment and collection of all duties, taxes, and fees on imported merchandise.
a. true b. false
Which of the following is NOT part of Keynes's criticism of the classical theory of employment?
A. A reduction in wage rates will lead only to a reduction in total spending, not to an increase in employment. B. Investment spending is not very strongly influenced by the rate of interest. C. Prices and wages are simply not flexible downward in modern capitalistic economies. D. Saving in modern economies depends largely upon the level of disposable income and is little influenced by the rate of interest.