Which of the following statements would MOST accurately describe government spending between 1970 and 2006?
a. State and local governments spend more on goods and services than the federal government, but the federal government spends more in total than state and local governments.
b. As a percentage of GDP, federal government spending on goods and services increased rapidly and by 2006, the federal government spending on goods and services was about twice as high as state spending on goods and services.
c. As a percentage of GDP, federal government spending has been significantly reduced, which as forced state and local government total spending to increase dramatically to accommodate these cuts.
d. As a percentage of GDP, both federal and state and local government total spending have doubled.
a. State and local governments spend more on goods and services than the federal government, but the federal government spends more in total than state and local governments.
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The circular flow model represents the establishment of market value for:
a. goods and services. b. wages and salaries. c. profits and rents. d. all of these.
Which statement is true?
A. Income is fairly evenly distributed in the U.S. B. The richest 1% of our population has nearly 50% of the income. C. The percentage of Americans below the poverty line has been falling steadily (except for recession) since the 1950s. D. Eleven percent of the children under six living in a two parent home are poor.