Historically, U.S. federal expenditures have ________ as a percentage of GDP
A) remained fairly stable
B) increased dramatically
C) slowly declined
D) been extremely volatile
A
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After a hurricane in Florida knocked out the regional water supply for several days, the demand for bottled water increased sharply. In a market economy, how will this increase in demand affect the equilibrium price and quantity of bottled water?
a. Price will increase, and quantity will decrease. b. Price will decrease, and quantity will decrease. c. Price will decrease, and quantity will increase. d. Price will increase, and quantity will increase.
If factor prices decrease:
a) a firm will move down along its long-run average cost curve only. b) a firm will move down along both its long-run and short-run average cost curves. c) both the long-run and short-run average cost curves will shift downward. d) there will be no change in the cost curves in the long run. e) there will be a downward shift in the long-run average cost curve but not in the short-run average cost curve.
The J-curve effect means that import prices are higher, thus revenues paid out increase while export prices are lower and incoming revenues decrease. Therefore, after a currency depreciation:
a. the trade balance will improve, then decline, then improve, and then decline, appearing to be a series of J shapes. b. the trade balance will increase, then decrease, then jump higher, which economists call the J-curve effect. c. the nation will cut back on imports immediately causing the trade balance to improve, which gives the curve an inverted J shape. d. the trade balance decreases and then increases over time giving the curve a J shape.
Karl Marx and Friedrich Engels said
A. "The theory of the Communists may be summed up in the single sentence: Abolition of private property." B. "The vice of capitalism is that it stands for the unequal sharing of blessings; whereas the virtue of socialism is that it stands for the equal sharing of misery." C. "It is not the employer who pays wages-he only handles the money. It is the product that pays wages." D. "Capital is past savings accumulated for future production."