What is meant by equilibrium wage (W*)?
a. wage at the point of diminishing marginal product
b. median cost of labor, with half making more and half less
c. price of labor at the level where supply and demand meet
d. fair wage without consideration of supply or demand
c. price of labor at the level where supply and demand meet
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Decreases in consumption, investment, or net exports caused by an increase in government purchases are known as
A) strategic substitution. B) crowding out. C) diminishing returns. D) demand-side effects.
List the economic functions of governments
What will be an ideal response?
As the number of British pounds that exchange for a dollar rises on foreign currency markets: a. the British will have an incentive to import fewer U.S. goods
b. the British will find it easier to export goods to the United States. c. the British will find U.S. goods to be more expensive in their stores. d. all of the above will be true.
The U.S. individual income tax is designed to be
A. progressive. B. an ability-to-pay tax. C. regressive. D. proportional.