ECO 450 Week 2 Quiz

Question 1 About 80 percent of federal receipts are accounted for by: Answer “� Question 2 Transfer payments by the federal government in the United States account for about: Answer “� Question 3 Following the circular flow of a mixed economy, firms receive a flow of dollars from and send goods and services to: Answer “� Question 4 In 2008, which country listed below has the highest percentage of government spending relative to GDP? Answer “� Question 5 Government purchases for consumption and investment: Answer “� Question 6 Government goods and services are usually: Answer “� Question 7 Following the circular flow of a mixed economy, which entity or entities distribute resources? Answer “� Question 8 State and local government expenditure in the United States accounts for about: Answer “� Question 9 A mixed economy is one in which: Answer “� Question 10 Total annual expenditures by federal, state, and local governments in the United States in the 1990s accounted for roughly: Answer “� Question 11 The real cost of government goods and services is: Answer “� Question 12 If the economy is currently operating on a point on the production possibility curve for government goods and services versus private goods and services, Answer “� Question 13 Taxes: Answer “� Question 14 The old-age dependency ratio is: Answer “� Question 15 Federal government expenditures in the United States account for about: Answer

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