Annual expenditures by the federal government exhibited an upward trend, rising from 3 billion in ...

Annual expenditures by the federal government exhibited an upward trend, rising from 3 billion in 1930 to more than 1 trillion in 2010.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 2

A consumer's switch to another similar good when the price of the preferred good increases is termed the:
a. income effect.
b. substitution effect.
c. utility effect.
d. marginal effect.

QUESTION 3

Social regulation means that the government dictates the price that a firm must charge and/or the quantity that a firm must supply.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 4

If total U.S. trade consists of 10 billion in electronics imports from Japan and 9 billion in automobile exports to Germany, then the U.S. net export account will be negative.
a. True
b. False
Indicate whether the statement is true or false

QUESTION 5

The budget line is downward sloping, reflecting the fact that you must give up some of one good to get more of the other.
a. True
b. False
Indicate whether the statement is true or false

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Annual expenditures by the federal government exhibited an upward trend, rising from 3 billion in ...

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