Before the Great Depression of the 1930s,the Majority of Government

question 55

Multiple Choice

Before the Great Depression of the 1930s,the majority of government spending took place at the ________ and after the Great Depression the majority of government spending took place at the ________.

• A)state and local levels; federal level
• B)local level; federal level
• C)federal level; state and local levels
• D)federal level; state level

---

Definitions:

Cost Of Production

The total expense incurred in manufacturing a product or providing a service, including raw materials, labor, and overhead costs.

Labor

The employment of human physical and psychological skills in the production process of goods and services.

Capital

Financial assets or the financial value of assets, such as cash and securities, or fixed assets like buildings and machinery, that are used in producing goods or services.

Short-Run

A period of time during which at least one of a firm's inputs is fixed.