During the last four decades, the composition of federal spending has
a. been virtually unchanged, but federal spending as a share of GDP has declined substantially.
b. been virtually unchanged, but federal spending as a share of GDP has increased sharply.
c. shifted away from national defense and toward spending on income transfers and health care.
d. shifted away from health care and income transfers and toward spending on national defense.
C
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An open market purchase of government securities by the Fed would shift the aggregate demand curve leftward
Indicate whether the statement is true or false
As the price level increases, the amount of goods and services that consumers, businesses, and governments desire to purchase will change. This is depicted by: a. a leftward movement of the aggregate demand curve
b. a rightward movement of the aggregate demand curve. c. an upward movement along the aggregate demand curve. d. a downward movement along the aggregate demand curve. e. an increase in the slope of the aggregate demand curve.
The typical bundle of goods and services on which the GDP deflator is based
a. is narrower than the one used to calculate the CPI. b. is updated once every decade. c. is the same as the one used to calculate the CPI. d. is updated every year.
All of the following affect the demand for labor by a firm except
A. the amount of labor that will be supplied at different wages. B. the level of demand for the firm's products. C. the marginal physical product of the labor. D. the marginal revenue the firm receives for its products.