multiple choice. choose one answer for each question.

Total annual expenditures by federal, state, and local governments in the United staler are in the range of: a. 20 to 25 percent of annual GDP. b. 25 lo 30 percent of annual GDP. c. 35 lo 40 percent of annual GDP. d. 45 to 50 percent of annual GDP. Federal government expenditures in the United Slates account for about: a. 25 percent of annual GDP. b. 35 percent of annual GDP. c. 45 percent of annual GDP. d. 55 percent of annual GDP. About 80 percent of federal receipts are accounted for by. a. corporate profits taxes. b. sales taxes. c. excise taxes. d. payroll and personal income taxes. If the economy is operating at full employment and using resources efficiently, then an increase in spending for homeland security this year will: a. require that resources be reallocated to homeland security services without sacrificing any alternative goods and services. b. be possible if resources are reallocated to homeland security services, but it will also mean that the output of some other goods and services will have to fall. c. be impossible. d. be possible only if there is an improvement in technology or more resources made available. Which of the following is an example of a political institution? a. a market b. elections with winners determined by majority rule c. representative government d. both (b) and(c) Nonmarket rationing means that: a. those willing to pay can buy as much of a product as they choose. b. prices are used to sell products. c. goods and services are not rationed by prices. d. willingness to pay is not a factor in determining who can enjoy a good or service, e. both (c) and (d) The U.S. economy is best characterized as a