Which of the following countries had the highest level of government expenditures as a share of GDP?

Monetarism is a school of thought put forth by Milton Friedman. He argued that the economy would most likely

A) be unstable. B) be at potential GDP. C) be above potential GDP. D) be below potential GDP.

In recent cases, the U.S. placed quotas or protectionist tariffs on imported steel and imported microchips. In both cases the damage to "downstream" industries was obvious to all and relatively easy to quantify and demonstrate. Assuming that the

lawmakers are not plain dumb, why did they enact these protectionist policies?