In real terms, the cost of government spending is measured by
A. Subtracting private sector output from the public sector output sacrificed when the government employs scarce resources.
B. The public sector output sacrificed when the government employs scarce resources.
C. The private sector output sacrificed when the government employs scarce resources.
D. Combining the private sector output with the public sector output sacrificed when the government employs scarce resources.
Answer: C
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A) cost approach. B) product approach. C) income approach. D) expenditure approach.
All national banks were required to join the Federal Reserve Bank of their region; however, state banks could do so on a voluntary basis
Indicate whether the statement is true or false
Which of the following is an example of a hidden characteristic?
A) After purchasing life insurance, Billy joins the bomb squad. B) Only the owner knows about her car defects. C) Bobby let his employer know about his college degree. D) Sally provides her driving record to the car insurance company.
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