Which statement is FALSE with respect to the size and role of the U.S. government?
A. Two major crises, the Great Depression and World War II, led to a much greater economic role for the federal government.
B. Since 1945, the role of government at the federal, state, and local level has expanded.
C. The economic role of the federal government has steadily expanded ever since the Civil War.
D. The seeds of the expansion of the federal government's economic role were sown during the Roosevelt administration from 1933-1945.
C. The economic role of the federal government has steadily expanded ever since the Civil War.
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From September 2013 to September 2014, the employment-to-population ratio increased from 58.6 percent to 59.0 percent. This change could have been the result of
A) a decrease in the working-age population. B) unemployed workers becoming part-time workers. C) unemployed workers becoming discouraged workers. D) discouraged workers starting to look for jobs again.
The sale of
A) a used textbook does enter GNP. B) a used textbook does not enter GNP, but the sale of a used house does. C) both a used textbook and a used house do not enter GNP. D) a used house does not enter GNP, but the sale of a used book does. E) the GNP does not include sale of used items priced below $1000.
Since the end of World War II, the U.S. has almost always had rising prices and an upward trend in real GDP. To explain this
a. it is only necessary that long-run aggregate supply shifts right over time. b. it is only necessary that aggregate demand shifts right over time. c. both aggregate demand and long-run aggregate supply must be shifting right and aggregate demand must be shifting farther. d. None of the above cases would produce rising prices and growing real GDP over time.
Suppose the quantity demanded is 1,000 million bushels of peaches per year when the price is $3 per bushel and 1,500 million bushels when the price is $1 per bushel. The price elasticity of demand in this range of the demand curve is:
A. elastic. B. inelastic. C. unitary elastic. D. infinitely elastic.