Which of the following is true of fiscal policy before the Great Depression of the 1930s?
a. Fiscal policy was made at the federal level.
b. Policies associated with national defense were made at the state level.
c. Environmental degradation and education were the focus areas of the federal government while other areas of government policy were dealt by individual states.
d. The federal budget was determined mostly by economists and not by politicians.
e. National defense and foreign trade were the focus areas of the federal government while other areas of government policy were dealt by individual states.
e
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The Ogallala aquifer is a large underground pool of fresh water under several western states in the United States. Any farmer with land above the aquifer can at present pump water out of it. Which of the following statements about the aquifer is correct?
a. The aquifer is a public good which must be publicly owned to be used efficiently. b. The aquifer is a private good which must be privately owned to be used efficiently. c. The aquifer is a common resource which will be overused if no one owns it. d. The aquifer is a club good which should be left as it is.
A tax on gasoline often reduces road congestion because gasoline
a. and driving are complements. b. and driving are substitutes. c. is a normal good, while driving is an inferior good. d. is an inferior good, while driving is a normal good.