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.

Question

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Answer 1

Question

Chapter 12, Problem 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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Students have asked these similar questions

Wolfgang is a typical producer in a perfectly competitive piano industry (i.e., all other producers of pianos face the same costs as Wolfgang). The following production and cost data apply to the long run as well as the short run. Fixed costs (rent) are unrecoverable in the short run and are equal to $2400 per month. Variable costs consist of raw materials (wire, wood, plastic), which cost $1000 per piano, and the $40 per hour opportunity cost of Wolfgang's time. Wolfgang's production function is given in the table at right. Wolfgang will shut down if the price per piano is less than OA. $3000. B. $4000. O C. $5000. ○ D. None of the above. Pianos (Q) Hours (L) Raw Materials ( 0 0 0 1 100 1000 2 150 2000 3 240 3000 4 400 4000

P2 P₁ $ per unit Using the graph below, determine which statement is TRUE. MC1 SRATC₁ Q1 Q₂ MC2 SRATC2 LRAC ✓ LEA Quantity

Using the grapns below, wnicn snow the snort-run cost curves for 3 perfectly competitive firms in the same industry, determine whether the industry is in long-run equilibrium or not. Q Q Firm A QA MC ATC Output Firm B QB MC ATC Firm C MC ATC Output Output Qc If Firms A, B and C are in the same industry, is this industry in long-run equilibrium? ○ A. Yes, because P = MC = MR for each of the 3 firms. ○ B. No, because Firm A is not producing at a profit-maximizing level of output. ○ C. Yes, because all 3 firms are producing at their minimum average total cost. OD. The answer is uncertain since it's unknown whether the firms are producing at the minimum efficient scale or not. ○ E. No, because if the industry were in equilibrium, all 3 firms would be earning zero economic profits.

Answer 2

Question

Chapter 12, Problem 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 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 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 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 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 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. 1P Ch. 12 - Prob. 2P Ch. 12 - Prob. 3P Ch. 12 - Prob. 4P Ch. 12 - Prob. 5P Ch. 12 - Prob. 6P Ch. 12 - Prob. 7P Ch. 12 - Prob. 8P Ch. 12 - Prob. 9P Ch. 12 - Prob. 10P

Explanation of Solution

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Chapter 12 Solutions