The three categories of federal government expenditures, in addition to government purchases, are
A) interest on the national debt, defense spending, and transfer payments.
B) defense spending, Social Security, and Medicare.
C) defense spending, budgets of federal agencies, and transfer payments.
D) interest on the national debt, grants to state and local governments, and transfer payments.
D
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Society can increase its output and income by increasing its
A. resources and/or the productivity of the resources. B. private and public sectors of the economy. C. spending and taxes. D. markets and prices.
Will it take a smaller amount of government spending to increase the level of national income if the government balances its budget or if it runs a budget deficit? Explain
When a relevant variable that is not named on either axis changes,
a. there will be a movement along the curve. b. the curve will rotate clockwise. c. the curve will be unaffected since only the variables on the axis affect the curve. d. the curve will shift.
If the current unemployment rate is equal to the natural unemployment rate, then current Real GDP is
A) greater than Natural Real GDP. B) equal to Natural Real GDP. C) equal to the Real GDP produced at full employment. D) less than Natural Real GDP. E) b and c