The tax revenues of local governments are typically
A. slightly less than their expenditures.
B. more than their expenditures.
C. equal to their expenditures.
D. less than one-half of their expenditures.
Answer: D
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In comparing the magnitudes of the components of GDP according to the expenditure approach, we see that in the United States
A) government expenditure on goods and services is the largest category. B) investment is the largest category. C) investment is much larger than government expenditure on goods and services. D) investment is less than government expenditure on goods and services. E) investment, government expenditure on goods and services, and consumption expenditure are all about the same size.
The classical economists argued that planned saving and planned investment will always be equal because of changes in
A) the level of real disposable income. B) the interest rate. C) the price level. D) wages.
Dwindling resources encourage the development of substitute products
a. True b. False Indicate whether the statement is true or false
Despite the elimination of the federal budget deficit in the late 1990s, the trade deficit increased due to
a. increased household saving. b. decreased household saving. c. a depreciation of the dollar. d. an increase in inflation rates.