State and local spending in 2007 on police, courts, fire, and corrections represented
a. less than 10 percent of all government spending on police, courts, fire, and corrections
b. about one quarter of all government spending on police, courts, fire, and corrections
c. nearly half of all government spending on police, courts, fire, and corrections
d. roughly two thirds of all government spending on police, courts, fire, and corrections
e. 85 percent of all government spending on police, courts, fire, and corrections
E
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Refer to Figure 13.1. Assume the voting method used to select a location for the recreation center is the instant runoff method. With this method, each voter ranks the towns in order of preference, from first to fourth
The town with the fewest first-place votes will be eliminated, and anyone who voted for that town will have their first-place vote transferred to the town they liked next best. This process continues until only one town is left, and that town will be declared the winner. With this method, the first town to be eliminated is A) Desert Sands. B) Glacier Cove. C) Mountain View. D) Oceanside.
Which of the following will most likely accompany an unanticipated increase in short-run aggregate supply?
a. an increase in real GDP b. an increase in the general level of prices c. an increase in the actual rate of unemployment d. an increase in the natural rate of unemployment
When an individual firm in a competitive market decreases its production, it is likely that the market price will rise
a. True b. False Indicate whether the statement is true or false
When the U.S. Treasury issues new bonds to replace bonds that have matured, it is engaging in
A. Income transfers. B. Debt servicing. C. Discretionary fiscal spending. D. Debt refinancing.