Because workers in the United States work fewer hours per week, on average, than they did over 100 years ago
A) GDP is lower than it would be if U.S. workers worked the same workweek they had 100 years ago.
B) workers in the United States are worse off than they were over 100 years ago.
C) GDP is higher than it would be if U.S. workers worked the same workweek they had 100 years ago.
D) workers in the United States earn less income than they did over 100 years ago.
A
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The price elasticity of supply equals the percentage change in the
A) quantity demanded divided by the percentage change in the price of a substitute or complement. B) quantity supplied divided by the percentage change in price. C) quantity demanded divided by the percentage change in price. D) supply divided by the percentage change in the demand. E) quantity supplied divided by the percentage change in the quantity demanded.
Government printing of money to finance government spending is called
A) irresponsible. B) an open-market purchase. C) sterilization. D) seigniorage.
A monopsonist firm faces a negatively sloped marginal factor cost curve
a. True b. False Indicate whether the statement is true or false
When an economy dips into recession, automatic stabilizers will:
A. enlarge the budget deficit (or reduce the surplus). B. reduce the budget deficit (or increase the surplus). C. ensure that the budget remains in balance. D. expand the supply of money and, thereby, stimulate aggregate demand.