Based on the chart for federal government expenditures, what are the three highest expenditure categories?
a. transfer payments, interest payments, and other expenditures
b. transfer payments, defense spending, and grants to state and local governments
c. defense spending , grants to state and local governments, and other expenditures
d. interest payments, grants to state and local governments, and other expenditures
b. transfer payments, defense spending, and grants to state and local governments
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Using the chained-dollar method to calculate real GDP, real GDP is calculated by
A) valuing the current output at last year's real GDP prices. B) valuing the current output at current year prices. C) averaging the growth of output from one year to the next when the growth rates are calculated using this year's prices and using last year's prices. D) either A or C, depending which gives the larger value for real GDP. E) averaging the value of current output valued using base year prices and current output valued using current year prices.
Frank owns an apple farm and plans to spend 4 hours today picking apples. The number of apples he can pick per hour depends on the total number of hours he spends working in either the east orchard or the west orchard in the manner shown in the accompanying table below.Hours in East OrchardNumber of Apples Per HourHours in West OrchardNumber of Apples Per Hour140110232210325310420410 How should Frank divide his time between the east and the west orchard?
A. He should spend all 4 hours in the east orchard. B. He should spend 3 hours in the east orchard and 1 hour in the west orchard. C. He should spend 1 hour in the east orchard and 3 hours in the west orchard. D. He should spend 2 hours in east orchard and 2 hours in the west orchard.
When airlines were deregulated, airfares declined by 30 percent. Deregulation is an example of political forces:
A. letting the market move toward equilibrium, reducing excess supply. B. making the market move away from equilibrium, creating excess supply. C. letting the market move toward equilibrium, reducing excess demand. D. making the market move away from equilibrium, creating excess demand.
If you save $20,000 for a down payment on a house, you are using money as
A. a medium of exchange. B. a standard of deferred payment. C. a unit of account. D. a store of value.