What part of federal government spending has grown the most rapidly in recent years?
a. national defense
b. welfare
c. interest on the national debt
d. social security and Medicare
e. all other forms of federal government spending
D
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If the economy was producing at point X and moved to point Y,
A. it would have moved from where the economy operates most of the time to a severe recession.
B. it would have moved from where the economy operates most of the time to a depression.
C. the unemployment rate would increase.
D. it would have moved from where the economy operates most of the time to a severe recession AND the unemployment rate would increase.
Refer to Table 2.3. What can be observed about the given resources?
A) Capital is fixed. B) Capital is variable. C) Capital and labor are both fixed. D) Labor is fixed.
The intertemporal substitution of leisure effect is used to justify the assumption that current labor supply increases when the
A) current real wage increases. B) current real wage decreases. C) real interest rate increases. D) real interest rate decreases.
Most of the key decisions of the Federal Reserve are actually made by its Federal Open Market Committee
a. True b. False Indicate whether the statement is true or false