Given the information in Figure 14.4, the monopsony wage rate is:
A) W1.
B) W2.
C) W3.
D) W4.
E) none of the above
A
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Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher
If C is consumption, I is investment, G is government purchases and NX is net exports, according to the expenditure approach, Y would stand for ________; and the national income identity could be written as ________
A) transfers; Y = C + I + G - NX B) CPI; Y = C + I + G + NX C) GDP; Y - C - I = G + NX D) income; Y = C - I - G + NX E) the real interest rate; Y = C + I + G + NX
If the marginal propensity to consume (MPC) is 4/5, the value of the simple multiplier is: a. 4
b. 1/5. c. 4/5. d. 5/4. e. 5.
In his book The Other Path, de Soto suggests that countries will grow more quickly if governments limit entrepreneurship.
Answer the following statement true (T) or false (F)