For goods on which a relatively small portion of income is expended, _____. a. income effects will be small relative to substitution effects b. income effects will be large relative to substitution effects c. income effects will be about the same as substitution effects d. there will be no income effects. ANSWER a
Date: September 9th, 2020
In a representative democracy, some responsibility for government extends to all citizens. a. True b. False Indicate whether the statement is true or false ANSWER TRUE
Date: September 9th, 2020
Markets do not always allocate resources efficiently, however, government always does. a. True b. False ANSWER b
Date: September 9th, 2020
U.S Postal Service spending is generally not included in total government expenditures. a. True b. False ANSWER a
Date: September 9th, 2020
Federal government expenditures account for more than two-thirds of the money spent in the public sector. a. True b. False ANSWER b
Date: September 9th, 2020
Federal government expenditures in the United States comprise about _____ of total government expenditures. a. 90 percent b. 75 percent c. 60 percent d. 45 percent ANSWER c
Date: September 9th, 2020
In 1902, total government expenditures at all levels of government were around _____. a. 10 percent of GDP b. 20 percent of GDP c. 30 percent of GDP d. 40 percent of GDP ANSWER a
Date: September 9th, 2020
The expenses of the U.S. Postal Service _____. a. generally do not count towards total government expenditures b. are around two percent of total government expenditures c. are around one percent of total government expenditures d. are around five percent of total government expenditures ANSWER a
Date: September 9th, 2020
In 2003, federal government expenditures as a percentage of GDP were around _____. a. 10 percent b. 20 percent c. 30 percent d. 40 percent ANSWER b
Date: September 9th, 2020
As a percentage of total federal expenditures, national defense spending has _____ since the mid 1950s. a. slightly increased b. risen precipitously c. essentially stayed the same d. declined ANSWER d
Date: September 9th, 2020
