In 2016, welfare spending accounted for almost _____ of federal outlays.
a. 5 percent
b. 10 percent
c. 14 percent
d. 20 percent
e. 31 percent
QUESTION 2Which of the following countries has the most unequal distribution of income?
a. The United States.
b. Czech Republic.
c. Brazil.
d. cannot be determined.
QUESTION 3If the nominal gross domestic product (GDP) for a particular year is 4 trillion and the real GDP for that year is 3 trillion, then the GDP price index is 133.
a. True
b. False
Indicate whether the statement is true or false
QUESTION 4In 2016, Social Security and Medicare payments accounted for almost _____ of federal outlays.
a. 7 percent
b. 25 percent
c. 15 percent
d. 38 percent
e. 52 percent
QUESTION 5In the United States, approximately what percentage of the total income is earned by the highest 5 percent of the families?
a. 10 percent.
b. 20 percent.
c. 30 percent.
d. 40 percent.
QUESTION 6If the nominal gross domestic product (GDP) is 6 trillion for a particular year, and the real GDP is 3 trillion, then the GDP price index is 167 .
a. True
b. False
Indicate whether the statement is true or false
QUESTION 7In 2016, interest payments on the national debt accounted for almost _____ of federal outlays.
a. 7 percent
b. 25 percent
c. 14 percent
d. 52 percent
e. 40 percent
QUESTION 8A fixed-weight price index uses a process that adjusts the weights continuously year by year.
a. True
b. False
Indicate whether the statement is true or false
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