Which of the following is true?
a. Real federal spending per person was approximately 50 times higher in 1900 than 1800.
b. Real federal spending per person was approximately 80 times higher in 2012 than 1916.
c. Real federal spending per person grew slowly under the Reagan Administration during the 1980s, but it increased rapidly under the Clinton administration in the 1990s.
d. In recent years, government expenditures at the state and local levels have been greater than government spending at the federal level.
B
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Taking some types of spending "off budget" means
A) eliminating that spending. B) financing the spending by special one-time taxes. C) borrowing to finance it instead of using tax revenue. D) not counting that spending as part of the official budget.
In 2011, Armenia had a real GDP of $4.21 billion and a population of 2.98 million. In 2012, real GDP was $4.59 billion and population was 2.97 million. What was Armenia's economic growth rate from 2011 to 2012?
A) 0.38 percent B) 9.0 percent C) 3.8 percent D) 8.3 percent
If at its current production level, a perfectly competitive firm's marginal revenue and long-run marginal cost are equal to $5 and its long-run average cost is $4, which of the following statements is true?
A) The firm should expect the market price of its product to increase. B) The firm should expect the market price of its product to fall. C) The firm should expect to earn positive economic profit indefinitely. D) The firm should expect the market supply curve to decrease.
Economic growth can result from a(n):
A. decrease in the number of workers available. B. increase in the amount of consumer goods produced. C. increase in the amount of productive resources. D. increase in number of the minimum wage jobs.