Which of the following statements would MOST accurately describe government spending between 1970 and 2006?
a. State and local governments spend more on goods and services than the federal government, but the federal government spends more in total than state and local governments.
b. As a percentage of GDP, federal government spending on goods and services increased rapidly and by 2006, the federal government spending on goods and services was about twice as high as state spending on goods and services.
c. As a percentage of GDP, federal government spending has been significantly reduced, which as forced state and local government total spending to increase dramatically to accommodate these cuts.
d. As a percentage of GDP, both federal and state and local government total spending have doubled.
a. State and local governments spend more on goods and services than the federal government, but the federal government spends more in total than state and local governments.
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If the U.S. dollar depreciates in the foreign exchange market, American exports will be __________ and American imports will be __________
a. more expensive; more expensive b. cheaper; cheaper c. less expensive; less expensive d. less expensive; more expensive e. there will be no change
Economic mobility refers to the
a. government's attempt to distribute monetary assistance to areas most in need. b. ability of families to freely relocate to find good jobs. c. movement of people among income classes. d. movement of resources from one country to another.
Specialization and international trade lead to
A. an enhanced level of consumption. B. an outward shift in the production possibilities curve. C. a lower opportunity cost of domestic production of all goods. D. an inward shift in the consumption possibilities frontier.
Which of the following is a likely outcome of rent ceilings?
A) a surplus of rent-controlled housing B) waiting lists of potential renters of rent-controlled housing C) construction of more rental housing D) black market rents below the ceiling rent