The real purchasing power of the average worker's yearly earnings in the United States in 2014 was ________ as in 1960.
A. more than twice as large
B. about the same
C. about half as much
D. five times as large
Answer: A
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The market demand function for wheat is Qd = 10 - 2P and the market supply function is Qs = 4P - 2, both measured in billions of bushels per year. Suppose the government wants to increase the price of wheat to $3/bushel and they impose a voluntary production reduction program to achieve their goal. What is the size of the consumer surplus?
A. $4 billion B. $8 billion C. $18 billion D. $6 billion
The supply of money is determined by
a. the price level. b. the Treasury and Congressional Budget Office. c. the Federal Reserve System. d. the demand for money.
A major advantage of monetary policy over fiscal policy is that monetary
A. policy affects all sectors of the economy equally. B. policy can be put into effect more quickly. C. policy, once implemented, takes effect more quickly. D. authorities see the need for policy more quickly.
The steeper is the IS curve,
A) the more effective is monetary policy. B) the less effective is monetary policy. C) the effectiveness of monetary policy does not change. D) a given change in the money supply will have a greater effect on output.