In recent years, total compensation to workers has risen faster than the take-home pay of average workers. This implies that:
A. Something is wrong with the statistics on either compensation or take-home pay
B. Fringe benefits have become a larger share of total worker compensation
C. Direct payments have become a larger share of total worker compensation
D. Workers' pay has been declining slightly in recent years
B. Fringe benefits have become a larger share of total worker compensation
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The demand for gasoline is perfectly inelastic because most people need gasoline to drive their cars
Indicate whether the statement is true or false
A shock that could trigger a recession is a
a. large increase in oil prices b. stock market bubble c. sudden increase in military spending d. large decrease in oil prices e. sudden decrease in the interest rate
The "other" category of federal spending consists of many less expensive functions of government, including all of the following except
a. housing credit programs. b. farm support programs. c. funding for the National Institutes of Health. d. the federal court system.
Which of the following resulted from the Smoot-Hawley trade bill of 1930?
A) The stock market began a steady recovery from the crash of October 1929. B) Many countries responded by imposing higher tariffs on American products, and the volume of international trade fell sharply. C) Imports decreased, while exports increased, resulting in an overall increase in GDP and tariff revenues. D) The unemployment rate, which had been rising, began to steadily decline as jobs were protected by the trade restrictions.