Workers whose skills become obsolete as a result of technological change are often paid a lower wage as a result of
a. natural ability.
b. geographic location of employment.
c. chance.
d. work effort.
c
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Refer to Sales Tax. The portion of the tax revenue ultimately paid by consumers is
a. area A + B + C + D. b. area C + D. c. area C + D + E. d. area A + B + C + D + E.
Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
Which of the following statements is true?
A) In Romania under Communist Party rule in the 1980s, Kent cigarettes served as a medium of exchange. This illustrates the use of Kent cigarettes as fiat money. B) Commodity money has no value apart from its use as money. C) In Romania under Communist Party rule in the 1980s, Kent cigarettes served as a medium of exchange. This illustrates the use of Kent cigarettes as commodity money. D) Fiat money must be backed by gold; otherwise it is worthless.
Which statement is true?
A. Both Keynes and the classicals believed that equilibrium GDP and full employment GDP are equal. B. Neither Keynes nor the classicals believed that equilibrium GDP and full employment GDP are equal. C. Keynes believed that equilibrium GDP and full employment GDP are equal, but the classicals did not. D. The classicals believed that equilibrium GDP and full employment GDP are equal, but Keynes did not.