the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade. Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

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Answer 1

Question

Chapter 12, Problem 1.1P

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

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Short Description Fiscal Policy Graph Details Shown is a Fiscal Policy diagram with the variable Real GDP (billions of dollars) on the x-axis and the variable Price Level on the y-axis. The x-axis is scaled from 0 to 800 billion dollars with an increment of 40 billion dollars, and the y-axis is scaled from 30 to 150 units with an increment of 5 units. Object Details On the graph we have:Four Line Objects:An upward sloping Aggregate Supply, AS line with two endpoints:Point 1 at (160, 70)Point 2 at (720, 140)A downward sloping Aggregate Demand, AD1 line with two endpoints:Point 1 at (80, 110)Point 2 at (640, 40)A vertical Long-run Aggregate Supply, LRAS with two endpoints:Point 1 at (400, 145)Point 2 at (400, 30)A downward sloping Aggregate Demand, AD line with two endpoints:Point 1 at (720, 60)Point 2 at (160, 130)Two Reference Points:Lines AS, AD, and LRAS intersect at (400, 100)Lines AS and AD1 intersect at (280, 85) a. How much does aggregate demand need to change to restore the…

Fiscal Policy Graph Details Shown is a Fiscal Policy diagram with the variable Real GDP (billions of dollars) on the x-axis and the variable Price Level on the y-axis. The x-axis is scaled from 0 to 1000 billion dollars with an increment of 50 billion dollars, and the y-axis is scaled from 0 to 180 units with an increment of 10 units. Object Details On the graph we have:Four Line Objects:An upward sloping Aggregate Supply, AS line with two endpoints:Point 1 at (200, 40)Point 2 at (800, 160)A downward sloping Aggregate Demand, AD line with two endpoints:Point 1 at (200, 160)Point 2 at (800, 40)A downward sloping Aggregate Demand, AD1 line with two endpoints:Point 1 at (350, 170)Point 2 at (900, 60)A vertical Long-run Aggregate Supply, LRAS line with two endpoints:Point 1 at (500, 170)Point 2 at (500, 0)Two Reference Points:Lines AS and AD1 intersect at (600, 120)Lines AS, AD, and LRAS intersect at (500, 100) a. How much does aggregate demand need to change to restore the…

a. How much does aggregate demand need to change to restore the economy to its long-run equilibrium? $ billion b. If the MPC is 0.6, how much does government purchases need to change to shift aggregate demand by the amount you found in part a? $ billion Suppose instead that the MPC is 0.95. c. How much does aggregate demand and government purchases need to change to restore the economy to its long-run equilibrium? Aggregate demand needs to change by $ billion and government purchases need to change by $ billion.

Answer 2

Question

Chapter 12, Problem 1.1P

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

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Answer 3

Question

Chapter 12, Problem 1.1P

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

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Answer 4

Question

Chapter 12, Problem 1.1P

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

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Answer 5

Chapter 12, Problem 1.1P

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

Answer 6

Chapter 12, Problem 1.1P

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

Answer 7

Chapter 12, Problem 1.1P

To determine

the Spending category that claimed the major share of federal outlays during 1960’s and during the most recent decade.

Concept Introduction: The federal budget is used to finance a variety of federal expenses, which range from paying federal employees, disbursing agricultural subsidies and paying for U.S. military equipment. It is an itemized plan for the annual public expenditures of the United States.

Answer 8

Expert Solution & Answer

Explanation of Solution

Spending by the Federal Government is inclusive in the fields of human resource, including income maintenance, health, support for the elderly and disabled, and education and training. Spending on national defense claimed largest share of federal outlays during the 1960’s. Spending on national defense constituted between 40-50% of federal outlays. It had been over 70 percent for 1942 through 1946, with a maximum of 89.5% in 1945. However, the share towards national defense declined to be only 18% in 2013. During the most recent decade, federal government has moved its spending focus from national defense to redistribution of income. Programs such as social security, Medicare and other welfare related programs account for majority of federal spending. In recent decade, social security and Medicare accounted for around 35% of federal outlays. The share going towards such programs that aid the elderly has been more than double of that being proportioned between 1960 and 2013. If we combine welfare spending to social security and Medicare, around 50% of outlays is for these programs.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Ch. 12 - Prob. 1.1P Ch. 12 - Prob. 1.2P Ch. 12 - Prob. 2.3P Ch. 12 - Prob. 2.4P Ch. 12 - Prob. 3.5P Ch. 12 - Prob. 3.6P Ch. 12 - Prob. 3.7P Ch. 12 - Prob. 3.8P Ch. 12 - Prob. 4.10P Ch. 12 - Prob. 4.9P

Explanation of Solution

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