If we compare the Baby Boom generation of workers to the number of workers who came before and will come after them, we realize that, all other things equal, the Baby Boomer's labor:
A. demand will be relatively lower at any wage.
B. demand will be relatively greater at any wage.
C. supply will be relatively lower at any wage.
D. supply will be relatively greater at any wage.
Answer: D
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State and local governments finance expenditures mainly from
A) tax revenue. B) government bonds issued at the state level. C) funds provided by the federal government. D) private bank loans. E) lottery funds.
When the central bank announces the inflation rate that it will achieve over the next one to four years, it is following a strategy known as
A) money targeting. B) inflation targeting. C) a currency board. D) real business cycle targeting.
When economists say the quantity demanded of a product has increased, they mean the:
A. demand curve has shifted to the left. B. demand curve has shifted to the right. C. price of the product has fallen, and consequently, consumers are buying more of it. D. price of the product has risen, and consequently, consumers are buying less of it.
Absorption refers to
A. the net amount of imports purchased by a country. B. the total amount of imports purchased by a country. C. GDP less desired consumption, desired investment, and government purchases. D. total spending by domestic residents, businesses, and governments.