How much has government spending as a percentage of GDP been in recent decades?
a. 2 percent
b. 10 percent
c. 20 percent
d. 35 percent
c. 20 percent
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According to this Application, falling home equity values have decreased consumer wealth, which is a measure of a consumer's
A) total net worth. B) annual income. C) annual income minus total expenses. D) annual income minus annual expenses.
Discuss the aggregate production function. How does the aggregate production function relate to the labor market and potential GDP?
What will be an ideal response?
In this graph, what does point A show?
a. the average total cost at the equilibrium quantity
b. the average total cost at zero quantity
c. the demand at the equilibrium quantity
d. the demand at zero quantity
The goal of socialist economies is to distribute what is produced according to the needs of individuals. Market economies tend to distribute what is produced according to ability and effort.
Answer the following statement true (T) or false (F)