In 2012, the combined expenditures of federal, state, and local governments in the United States were approximately
a. 9 percent of GDP.
b. 24 percent of GDP.
c. 38 percent of GDP.
d. 45 percent of GDP.
C
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The price of crude oil rose to over $100 per barrel in early 2013. What would we expect to see happen to the supply of plastic, which is produced using crude oil?
A) The supply of plastic will increase. B) The supply of plastic will decrease. C) The supply of plastic will stay the same because the government requires plastic producers to meet statutory minimum production levels. D) The supply of plastic will stay the same because of the profit motives of plastic producers.
Which of the following observations is true?
A. The cost disease is most prevalent in low income countries. B. The cost disease affects public goods but not private goods. C. The cost disease is most prevalent in commodity markets. D. The cost disease occurs as the opportunity cost of labor increases.