From the 1960s through the 1990s military expenditures increased as a percentage of GDP and they were a major influence in the continued growth of government outlays
a. True
b. False
B
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The marginal product of labor is the change in
A) total cost from employing one more worker. B) total revenue from employing one more worker. C) average product from employing one more worker. D) total output from employing one more worker. E) total output divided by the change in cost from employing one more worker.
When a sales tax is imposed on sellers, the supply curve shifts so that the vertical distance between the old and the new supply curve equals the
A) sales tax multiplied by the price elasticity of demand. B) sales tax multiplied by the price elasticity of supply. C) amount of the sales tax. D) sales tax divided by the price elasticity of demand.
An application of behavioral economics is:
A. price inconsistency. B. rational cost-price decision making. C. forgetting the fungibility of money. D. All of these are applications of behavioral economics.
An investor purchasing an inflation-protected bond with a fixed annual real return of 1.75 percent will earn a nominal annual return of ________ percent if the actual inflation rate turns out to be 3.25 percent.
A. 5.69 percent B. 1.86 percent C. 5.00 percent D. 1.50 percent