In the circular flow model, businesses
A. demand both products and resources.
B. supply both products and resources.
C. demand products and supply resources.
D. supply products and demand resources.
D. supply products and demand resources.
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From 1960 to 1980, federal government spending on national defense _____
a. declined from about half to less than one quarter of all expenditures b. declined from one-third to less than one quarter of all expenditures c. increased from about half to nearly 60 percent of all expenditures d. increased from about one quarter to nearly one-half of all expenditures
At the end of 2009, the national debt stood at 60 percent of GDP, substantially higher than its World War II level
a. True b. False
Which of the following is most likely to be a serious obstacle retarding the growth of less-developed nations
What will be an ideal response?
Which of the following statements is correct for a private closed economy?
A. Saving equals planned investment only at the equilibrium level of GDP. B. All levels of GDP where planned investment exceeds saving will be too high for equilibrium. C. Planned and actual investment are identical at all possible levels of GDP. D. Saving equals actual investment only at the equilibrium level of GDP.