Which of the following categories accounted for the lowest percent of the total federal government expenditures in recent years?
a. Income security
b. Interest on the national debt
c. National defense
d. Education and health
b
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Which of the following is correct?
a. The GDP deflator is better than the CPI at reflecting the goods and services bought by consumers. b. The CPI is better than the GDP deflator at reflecting the goods and services bought by consumers. c. The GDP deflator and the CPI are equally good at reflecting the goods and services bought by consumers. d. The GDP deflator is more commonly used as a gauge of inflation than the CPI is.
All inputs are increased by the same proportion and the output increases more than proportionately, this suggests that:
(a) Constant returns to scale are present. (b) Increasing returns to scale are present. (c) Decreasing Returns to Scale. (d) None of the above.
Despite an expansionary monetary policy, an economy experiences a recession. Everything else held constant, the recession could occur in spite of the rightward shift of the LM curve if
A) consumer confidence decreases sharply. B) there is an investment boom. C) the money supply increases. D) taxes are cut.
The fundamental identity of national income accounting implies ________
A) Expenditure = Production + Income B) Expenditure = Production = Income C) Income = Expenditure - Production D) Income = Expenditure / Production E) None of the above