Government expenditures on goods and services include
i. the New York City Library's purchase of new books.
ii. Washington D.C.'s purchase of gas for its city buses.
iii. California's payment of wages to prison guards.
A) i and ii B) i and iii C) i, ii and iii D) i only E) ii and iii
C
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Throughout history many governments have financed government operations with the printing press, and paying government bills by increasing the money supply. The United States followed this path during the Civil War, approximately doubling the U.S. money
supply between 1860 and 1865 using paper fiat money called Greenbacks. What do you think this rapid increase in the money supply did to inflation and inflationary expectations? Suppose the economy was in long-run equilibrium by the end of the war and the government began to remove Greenbacks and reduce the money supply. Use your understanding of the Phillips curve relationship to explain the effect on the economy.
Tariffs contribute to higher prices of textile products imported into the United States, but import quotas on textiles brought into the United States do not
a. True b. False Indicate whether the statement is true or false