List the four main categories of Federal spending
What will be an ideal response?
The four main categories of Federal spending are pensions and income security programs, national defense, health care and interest on the Federal debt. In 2012, about 37% of Federal expenditures went for pensions and income security, 23% went for health care, 19% went for national defense, and 6% went for interest on the national debt.
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If the demand is unit elastic, a price cut will leave the quantity demanded unchanged
Indicate whether the statement is true or false
Milton Friedman and Edmund Phelps contributed which insight(s) to Phillips curve analysis?
A) that inflation is directly related to expectations of future inflation B) that inflation is negatively related to the unemployment gap C) that in the long run unemployment will be at the natural rate D) all of the above E) none of the above