List the four main categories of Federal spending
What will be an ideal response?
The four main categories of Federal spending are pensions and income security programs, national defense, health care and interest on the Federal debt. In 2012, about 37% of Federal expenditures went for pensions and income security, 23% went for health care, 19% went for national defense, and 6% went for interest on the national debt.
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If firms receive an economic forecast predicting future increases in the growth of real GDP, they are likely to respond by
A) increasing their level of investment spending to increase future production capacity. B) decreasing their level of investment spending to decrease current production capacity. C) increasing their level of investment spending to increase current production capacity. D) decreasing their level of investment spending to decrease future production capacity.
With regard to the American Revolution, research suggests that
(a) it was not waged against the law but against a particular alien authority. (b) all contracts, respecting property, remained basically unchanged. (c) the basic ideas established in the colonial era remained untouched by the Revolution, apart from the abolition of primogeniture and perpetual entailment. (d) all of the above are true.
The behavior of the monopolistic firm:
a. maximizes the benefits to consumers, given the resources available to the economy. b. reduces output in order to raise prices in the short-term c. results in excess capacity and inefficiency. d. both b and c
As a person's income rises, eventually the ________ effect outweighs the ______ effect.
Fill in the blank(s) with the appropriate word(s).