The process in which economic growth destabilizes existing regimes and reduces the political power of rulers and monarchs is referred to as:
A) institutional destruction. B) polarization.
C) division of powers. D) political creative destruction.
D
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With the invention of ATM machines, the public now holds less currency. As a result, we would expect to have seen
a. both the M1 and the M2 multipliers to increase over time. b. the M1 multiplier to increase while the M2 multiplier to decrease over time. c. the M1 multiplier to decrease while the M2 multiplier to increase over time. d. None of the above
When the market is in equilibrium, with no government intervention,
a. Total surplus is minimized b. Total surplus is maximized c. Government maximizes total revenue d. None of the above
What is the effect of diminishing returns to labor on the slope of the aggregate production function (where output is measured on the vertical axis and employment is measured on the horizontal axis)?
a. It implies that the slope of the curve increases as the number of workers employed increases. b. It implies that the slope of the curve becomes negative as the number of workers employed increases. c. It implies that the slope of the curve decreases (or becomes flatter) as the number of workers employed increases. d. It keeps the slope the same throughout. e. It has nothing to do with the slope of the aggregate production function.
Sharon works for a company that provides a 2% match if she puts 6% of her income into a 401(k) retirement account. What will this investment model mean for her future retirement income?
a. Because this investment is made in pretax dollars, Sharon’s current taxable income will be lower. b. Her taxable income will be higher now, but she will be eligible for 401(k) tax breaks when she retires. c. Because this investment is made in pretax dollars, her retirement account will earn more money for the future. d. Because of the company match, Sharon will need to roll her 401(k) over into an IRA before retirement to take advantage of any tax benefit.