The largest single portion of state and local budgets is devoted to
a. State and local defense.
b. Health and public welfare programs.
c. State and local unemployment compensation.
d. Education.
e. Interest payments on state and local debt.
d
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Suppose the economy currently has some underutilized resources. The Fed engages in expansionary monetary policy. The impact of expansionary monetary policy will be to
A) increase aggregate demand, increase prices and increase real GDP. B) increase short-run aggregate supply, decrease in prices and decrease in real GDP. C) increase short-run aggregate supply, decrease prices and increase real GDP. D) increase aggregate demand, increase prices and decrease real GDP.
Which of the following would NOT be considered unemployed?
A) a new entrant to the labor force B) a job leaver who is looking for a better job C) an individual fired by her employer D) a newly retired worker