Since the 1950s, total private sector expenditures in the United States fell by half to 50 percent of GDP
a. True
b. False
Indicate whether the statement is true or false
False
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The labor supply curve shows the relationship between the
a. wage rate and the total quantity of labor demanded by firms b. wage rate and the total quantity of labor supplied by individuals c. wage rate and the total quantity of labor supplied by firms d. wage rate and the total quantity of labor demanded by individuals e. marginal revenue product of labor and the marginal physical product of labor
Suppose that the government increases expenditures by $150 billion while increasing taxes by $150 billion. Suppose that the MPC is .80 and that there are no crowding out or accelerator effects. What is the combined effects of these changes? Why is the combined change not equal to zero?