An estimate of a household's long-run average income is called:
A. permanent income.
B. disposable income.
C. per capita income.
D. transitory income.
Answer: A
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In the new Keynesian model, the immediate effect on inflation of an anticipated aggregate demand shock is ________
A) less than if that event was unanticipated B) greater than if that event was unanticipated C) the same as would develop if that event was unanticipated D) independent of whether or not that event is anticipated or unanticipated
An advance in farm technology that results in an increased market supply is
a. good for farmers because it raises prices for their products but bad for consumers because it raises prices consumers pay for food. b. bad for farmers because total revenue will fall but good for consumers because prices for food will fall. c. good for farmers because it raises prices for their products and also good for consumers because more output is available for consumption. d. bad for farmers because total revenue will fall and bad for consumers because farmers will raise the price of food to increase their total revenue.
A negative income tax works by
A. giving money to everyone in the U.S. B. not taxing people who make negative income. C. taxing people until they have a negative income. D. giving people below a certain income level a lump sum and then taxing further income.
Which type of collective bargaining agreement requires workers to be union members prior to being considered for employment?
A) right-to-work B) union shop C) open shop D) closed shop