What is the second-largest federal spending category?



a. defense

b. transfer payments

c. interest payments

d. state and local grants


a. defense

Economics

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The "gold-standard" is a system in which:

A) gold mining firms own the right to print currency. B) people use gold as a medium of exchange. C) paper currency is backed by gold. D) gold is imported into the U.S. in exchange of paper currency.

Economics

In Figure 10-5 above, suppose that the population growth rate declines. This causes a movement of the steady-state point such as from points

A) A to B. B) D to B. C) D to C. D) A to C. E) A to D.

Economics

Which of the following is a New Keynesian explanation of wage and price stickiness must be discounted?

A) overlapping wage contracts B) menu costs C) efficiency wages D) all of the above

Economics

Rationing of resources, goods, and services

A) is not required under the price system. B) is required because of scarcity. C) must be done by the government. D) happens only when the price is zero.

Economics