Government spending on public education has
A. increased steadily since the 1920s.
B. remained at roughly 1.2 percent of GDP since the 1920s.
C. remained at roughly 4 percent of GDP since the 1970s.
D. decreased steadily since the 1920s.
Answer: C
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The optimal number of units to produce is best expressed when:
a. marginal benefit exceeds marginal cost b. marginal cost exceeds marginal benefit c. marginal benefit and marginal cost are close to equal d. both a and c
If markets are perfectly competitive and production of a good results in water pollution, the imposition of a tax on the good will:
A. reduce the number of firms producing that good in the long run. B. reduce the number of firms producing that good in the short run. C. increase the number of firms producing that good in the long run. D. increase the number of firms producing that good in the short run.
Good X is a normal good if an increase in income leads to
A. a decrease in the supply for good X. B. an increase in the demand for good X. C. a decrease in the demand for good X. D. an increase in the supply for good X.
Autonomous expenditure is not influenced by
a) the price level b) the interest rate c) real GDP d) any other variable