Minimum-wage laws benefit society by creating a surplus of labor
a. True
b. False
Indicate whether the statement is true or false
False
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If both autonomous imports and autonomous taxes decrease by $100B we expect that equilibrium income will
A) increase by more than $200B. B) decrease by more than $200B. C) increase by $200B. D) remain unchanged.
Which of the following statements about the U.S. balance of payments in 2013 is true?
a. In the third quarter of 2013, the services account recorded a deficit of $25 million. b. In the third quarter of 2013, the current account showed a surplus of $174,091 million. c. In the third quarter of 2013, the merchandise account showed a surplus of $179,457 million. d. In the third quarter of 2013, the merchandise account showed a deficit of $179,457 million. e. In the third quarter of 2013, the services account recorded a deficit of $38,175 million.
Price elasticity of demand is lower for goods with few close substitutes.
Answer the following statement true (T) or false (F)
If the required reserve ratio is 5 percent and the Federal Reserve sells $10,000 worth of bonds, the money supply can potentially
A. Increase by $50,000. B. Decrease by $200,000. C. Decrease by $500. D. Decrease by $50,000.