Economics 450SP15 Practice Questions - Econ450SP15 Sample/Practice Questions 1 In 2012 US governments combined spent $5.7 trillion Which of the

Economics 450SP15 Practice Questions - Econ450SP15...

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1 Econ450SP15 Sample/Practice Questions 1. In 2012, US governments combined spent $5.7 trillion. Which of the following statements about this spending is false? a) This government spending is equal to about one-third of GDP b) US governments produce one-third of US GDP c) Two thirds of this spending was done by the Federal government d) US government spending is more than GDP of most countries 2. Two-thirds of government spending consists of 3. The largest spending category of the Federal government is 4. An economy’s resources are allocated efficiently if 5. If resources in an economy are allocated efficiently then a) no household can be made better off b) no household can be made better off with harming others c) all households can be made better off c) none of the above.
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