The movements of real GDP and inflation during the 1973-1975 recession can be best explained by a:
a. rightward shift of the aggregate demand curve.
b. leftward shift of the aggregate demand curve.
c. rightward shift of the aggregate supply curve.
d. leftward shift of the aggregate supply curve.
d
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Refer to the above table. If the price of the product is $1.50, what is the marginal revenue product of the 12th worker?
A) $1035 B) $135 C) $90 D) $1.50
What most accurately describes the implementation of the New Deal?
a. It was implemented in two phases over the course of about eight years. b. Its major reforms were implemented in the first 100 days of Franklin Roosevelt's Presidency. c. The first elements of the New Deal that were implemented were the most politically liberal. d. Most of the reforms were temporary and were phased out by World War II.
When a group of workers finds that their job skills and work experience have become obsolete and are not needed by industry, this type of unemployment is:
A. structural. B. cyclical. C. search. D. frictional.
Most economists believe that a cut in tax rates
a. would generally increase government tax revenue. b. would have no effect on aggregate demand. c. has a relatively small effect on the aggregate-supply curve. d. All of the above are correct.