In 2012, total government spending (comprising purchases and transfers) in the U.S. was about:
A. 10 percent of the economy's total output
B. 35 percent of the economy's total output
C. 60 percent of the economy's total output
D. 75 percent of the economy's total output
B. 35 percent of the economy's total output
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A decline in domestic output would cause a ________ in net exports and a ________ in the exchange rate
A) rise; rise B) rise; fall C) fall; rise D) fall; fall
Fogel and Engerman (1974) are generally of the opinion that American slavery
(a) was antiquated, inefficient and was on the verge of existance. (b) was thriving and profitable in the decades prior to the Civil War. (c) provided conditions for a reasonably normal family life and standard of living for the slaves with very little breakup of slave families or exploitation of slaves. (d) was inferior to the wage-labor system in the South and would have likely been replaced with time.
According to the crowding-out view, budget deficits will:
a. reduce interest rates. b. increase interest rates and retard private investment. c. reduce the investments of foreigners in the United States. d. increase the capital stock available to future generations.
Private ownership of most of the means of production is common to
A. capitalism and communism. B. capitalism and fascism. C. capitalism and socialism. D. fascism and communism.