Over the period 1980–2007, the annual rate of increase in government spending on elementary, secondary, and higher education, measured in constant dollars, was approximately
a. 1 percent
b. 3 percent
c. 10 percent
d. 15 percent
e. 25 percent
B
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In the figure above, the DLF curve is the demand for loanable funds curve and the PDLF curve is the private demand for loanable funds curve
If there is no Ricardo-Barro effect, the figure shows the situation in which the government has a ________ so that the equilibrium real interest rate is ________ and the equilibrium quantity of investment is ________. A) budget deficit; 6 percent; $1.5 trillion B) balanced budget; 6 percent; $1.5 trillion C) budget surplus; 4 percent; $1 trillion D) budget surplus; 6 percent; $1.5 trillion E) budget deficit; 4 percent; $1 trillion
In 2006, the base price of a Hummer SUV was about $30,000. By 2008 as gasoline prices increased,
A) the demand curve for Hummers shifted leftward and Hummer prices decreased. B) the demand curve for Hummers shifted rightward and Hummer prices increased. C) there was a movement down along the Hummer demand curve. D) there was a movement up along the Hummer supply curve.
Refer to Figure 2-14. Which country has a comparative advantage in the production of snow cones?
A) Greenland B) They have equal productive abilities. C) Iceland D) neither country
How can economies of scale lead to monopoly?