Which of the following sectors in the economy accounted for about 70% of the spending in the U.S. during 2009?
a. The government
b. Firms
c. The foreign sector
d. Investors
e. Households
e
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Refer to Scenario 21-1. Based on the information above, what is the level of public saving?
A) $0 B) $1 trillion C) $2 trillion D) negative $1 trillion (a deficit of $1 trillion)
After the Revolutionary War, the U.S. monetary system was based on gold. Historically, why did the U.S. adopt the use of gold as a currency? How does this compare with the currency used today?
What will be an ideal response?
Between 1995 and 2009, the U.S. productivity rate:
A. was slightly negative, mainly because of record levels of employment growth. B. grew substantially compared to prior years, leading some economists to predict a long-lasting resurgence of productivity growth. C. slowed considerably relative to the high rates between 1990 and 1995. D. reached record low levels for the United States' economy, leading some economists to talk of a long-term trend of stagnation.
To calculate GDP using the expenditure approach, in part it is necessary to
A) add imports and exports. B) add imports and subtract exports. C) add exports and subtract imports. D) subtract both exports and imports.