Which of the following is true of U.S. net exports prior to the 1960s?
A)Since most of the oil needs of the U.S. were met through imports, imports exceeded exports prior to the 1960s in the U.S.
B)Prior to the 1960s, exports from the U.S. more or less equalled imports into the U.S.
C)The U.S. was running a trade surplus prior to the 1960s.
D)Prior to the 1960s, the U.S. ran twin deficits- both a current account deficit as well as a budget deficit.
E)Since the U.S. dollar was overvalued prior to the 1960s, the U.S. exported less than it imported.
The public sector of the U.S. economy includes:
A)the state and federal government only.
B)the federal government only.
C)the state and local government only
D)the federal, the state, and the local government.
E)the local government only.
Which of the following is true of the U.S. government? A)The government in the United States takes the form of a single-party state where opposition parties are not legally allowed to take power.
B)The size of the federal government in the U.S. has been declining since 1930.
C)Employment in the government sector currently exceeds employment in the manufacturing sector.
D)The U.S. federal government plays a much smaller role than state and local government due to states' rights.
E)The service sector of the U.S. economy employs more number of people than the U.S. government.
Which of the following statements about transfer payments is true? A)Transfer payments are not included in total government expenditures.
B)Transfer payments involve the international remittance of funds.
C)Transfer payments refer to the transfer of money by the commercial banks to the people.
D)Transfer payments are made by the government to taxpayers.
E)Transfer payments are made when governments purchase goods and services.
Total government spending in the U.S. economy was around _____ of GDP in the financial year 2010. A)5 percent
B)36 percent
C)25 percent
D)44 percent
E)16 percent
In 2009, combined government spending in the U.S. economy was about: A)$50 billion
B)$500 billion
C)$5,000 billion
D)$2,012 billion
E)$12,163 billion
Which of the following is true of fiscal spending at the federal, state, and local levels of the U.S. government? A)In 2009, total government spending equaled around $1 billion.
B)Investment expenditure in the U.S. exceeds the total spending at all levels of government.
C)Government spending at federal, state, and local levels declined steadily from the 1960s until about 1980.
D)Through the 1950s and 1960s, the U.S. government maintained a balanced budget.
E)Federal government spending exceeds state and local government spending in the U.S.
The income transferred by the government from a citizen who is earning income to another citizen is referred to as: A)fiscal spending.
B)transfer payment.
C)budgetary allowance.
D)taxation.
E)internal debt.
When the government's spending is less than tax revenue, it implies that: A)the government budget is balanced.
B)the government is running a deficit.
C)there is a budget surplus.
D)there is a higher chance of default by the government.
E)the government needs to borrow from the central bank.
Which of the following observations is true of the federal budget between 1960 and 2010? A)The federal budget was in deficit in the early 1960s.
B)Between 1960 and 1970 the federal budget deficit reflected a sharp increase.
C)The federal budget was in surplus between 1970 and 1980.
D)The federal budget deficit was the highest in the late 1990s.
E)The federal budget deficit was lower than 600 billion dollars in 2010.
The _____ illustrates the money flows that connect the various sectors in the economy. A)aggregate demand and aggregate supply diagram
B)circular flow diagram
C)liquidity preference theory
D)income-expenditure diagram
E)quantity theory of money