The government component (G) of total output includes goods and services purchased by
a. the federal government plus transfer payments.
b. all government institutions plus transfer payments.
c. all government institutions.
d. all government institutions plus tax revenues.
c
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Assume a country produces two types of goods: manufactured goods and agricultural goods. When this country experiences economic growth, we know that
A) the production possibilities curve will shift inward. B) there will be movement along the curve toward more agricultural goods. C) there will be a movement along the curve toward more manufactured goods. D) the production possibilities curve will shift outward.
Using Figure 1 above, if the aggregate demand curve shifts from AD2 to AD1 the result in the long run would be:
A. P4 and Y1. B. P4 and Y2. C. P5 and Y1. D. P5 and Y2.
Of federal government spending, about _____ is spent on defense and about _____ is spent on Social Security, Medicare and Medicaid.
Fill in the blank(s) with the appropriate word(s).
In Faraway country, every citizen receives a birthday cake voucher as a gift for their birthday. What function of microeconomic analysis does this public policy address?
A) What goods/services to produce B) How to produce the goods and services C) Who gets the goods and services D) A and B