Total state and local government spending in 2007 was
a. less than $100 billion
b. approximately $500 billion
c. nearly $1.9 trillion
d. approximately $10 trillion
e. more than $25 trillion
C
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Consumption patterns in the U.S. between 1790 and 1860 indicate a growing preference for
(a) basic necessities. (b) high quality clothes and homes. (c) simple, standardized and mass-produced goods. (d) luxury items.
Stagflation is a combination of ________ and ________.
A. deflation; expansion B. excessive aggregate spending; excessive aggregate supply C. inflation; recession D. monetary policy; fiscal policy
Internal scale economies occur when
A. expansion of output by a firm leads to greater specialization of labor. B. industry growth leads to a greater diffusion of knowledge among firms. C. expansion in an industry drives down input prices. D. a firm pays higher input prices to expand production.
Refer to the table. Suppose that demand is represented by columns (3) and (2) and supply is represented by columns (3) and (5). If the price were artificially set at $6:
A. the market would clear.
B. a surplus of 40 units would occur.
C. a shortage of 40 units would occur.
D. demand would change from columns (3) and (2) to columns (3) and (1).