Which of the following categories accounted for the largest percentage of total federal government expenditures in recent years?
a. Income security.
b. National defense.
c. Education and health.
d. Interest on the national debt.
a
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When economists use market values to aggregate output, they sum the:
A. number of items produced. B. quantity of items produced. C. inputs of each item produced. D. price times the quantity of each item produced.
On a graph of the consumption function, where the consumption function crosses the 45 degree line,
A) there is no saving and no dissaving. B) disposable income is zero. C) the maximum level of disposable income is earned. D) there are no tax payments. E) induced consumption equals zero.
Beautification of the national highways through the planting of shrubs and wildflowers will
A) be profitable for a private landscaping company because they can charge passing drivers. B) benefit even people who do not help pay. C) provide a flow of services that are rival in consumption. D) provide a flow of services that involve excludable consumption.
An activity performed by commercial banks that is not performed by insurance companies is
A) functioning as financial intermediaries. B) creating financial obligations against themselves. C) accepting deposits and offering checking accounts. D) allocating financial resources between borrowers and lenders.