State and local governments typically spend most of their budgets on providing
a. education.
b. public goods.
c. public welfare programs.
d. police protection and administrative services.
a
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Starting from long-run equilibrium, the long-run impact(s) of a sharp drop in oil prices, compared to the original equilibrium, is(are):
A. the same inflation and the same output. B. lower inflation and lower output. C. higher inflation and the same output. D. higher inflation and lower output.
According to the theory based on rational expectations and flexible wages and prices,
A) only the combination of discretionary fiscal policy and conservative monetary policy can affect real GDP in the long run. B) neither fiscal nor monetary policy influence real GDP in the long run. C) fiscal policy has less effect on real GDP than monetary policy in the long run. D) monetary policy has less effect on real GDP than fiscal policy in the long run.
A ________ creates a situation in which the price received by sellers ________ the price paid by buyers.
Fill in the blank(s) with the appropriate word(s).
When comparing elasticities between two different linear demand curves, the curve that is flatter has greater price elasticity at every given price
Indicate whether the statement is true or false