As a share of total national income, government spending generally has
A) been constant over the last 50 years.
B) increased over the last 50 years.
C) decreased over the last 50 years.
D) increased until 20 years ago, and then decreased steadily.
Answer: B
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Measured as a share of the economy, government spending
a. has been between 10 and 15 percent of the U.S. economy since 1930. b. has been between 20 and 25 percent of the U.S. economy since 1930. c. rose from less than 10 percent in 1929 to over 35 percent in 2012. d. declined from more than 50 percent in 1929 to approximately 25 percent in 2012.
________ unemployment is most closely associated with periods of falling GDP.
A. Structural B. Cyclical C. Frictional D. Voluntary
When you have a job and your employer compensates you for your time with money, resulting in both of you being better off, it is an example of a voluntary exchange.
Answer the following statement true (T) or false (F)
When a society's economic institutions provide secure property rights, set up a judicial system that enforces contracts and upholds the law, allow private parties to sign contracts for economic and financial transactions, and maintain relatively free
entry into different businesses and occupations, the institutions in the society can be said to be: A) inclusive. B) extractive. C) exogenous. D) exclusive.