Which statement is true?
A. The government sector of GDP is larger than the consumption sector.
B. The federal government spends about five percent of our GDP on foreign aid.
C. The federal government spends less on Social Security than it does on defense.
D. None of these statements are true.
C. The federal government spends less on Social Security than it does on defense.
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The PIH predicts that temporary tax cuts would
A) be spent on consumer nondurables and services. B) be offset by an increase in the saving ratio. C) be offset by a decrease in the saving ratio. D) be treated the same as permanent tax cuts.
If a household is credit rationed, the MPC out of current disposable income is ________ compared to the MPC out of current disposable income if a household is not credit rationed
A) higher B) lower C) the same D) negative