Why do some people think that the productivity slowdown since 1973 is just a return to normalcy after fast productivity growth during the previous 25 years?
A) Productivity growth of the previous 25 years was abnormally low.
B) The Great Depression and World War II had prevented technological opportunities from being exploited.
C) The United States is the only country to face the slowdown, due to poor regulatory decisions.
D) The United States has allowed countries like Japan to steal its technological breakthroughs.
B
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What will be an ideal response?
Government spending on transfer payments is included in government purchases when calculating GDP because it results in the production of new goods and services
Indicate whether the statement is true or false
The federal budget process begins when federal agencies submit their budget requests to the:
a. Treasury Department. b. Council of Economic Advisors (CEA). c. Office of Management and Budget (OMB). d. Congressional Budget Office (CBO).
Answer the following statements true (T) or false (F)
1. Majority voting produces efficient outcomes because it takes into account the strength of the preferences of individual voters. 2. Majority voting on whether or not a public good should be produced could lead to a result where a public good whose costs are bigger than the benefits would end up getting approved by the voters. 3. If a public good provides social benefits that are greater than its costs, then majority of voters would always vote in favor of producing the good. 4. Special interest groups result from people with strong preferences on a particular issue banding together to let policymakers know their preferences. 5. Political logrolling, or vote-trading, can turn a potentially inefficient voting outcome into an efficient one.