The enacted Gramm-Rudman-Hollings Act would tend to have an
A. automatic stabilizing impact upon the economy.
B. overall positive impact upon the economy during any stage of a business cycle.
C. automatic destabilizing impact upon the economy.
D. overall neutral impact upon the economy.
Answer: C
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When the economy goes into recession, the biggest increase in unem-ployment is _________
A. structural because jobs are lost in most states B. cyclical because jobs are lost in many industries as they cut production C. frictional because the creation of jobs slows D. the combination of structural and frictional as few new jobs are created.
All of the following are exempt from antitrust laws EXCEPT
A) labor unions. B) professional baseball. C) oil companies. D) public utilities.
The wage below which a worker will not work is
a. the equilibrium wage. b. the union wage. c. the efficiency wage. d. the reservation wage.
U.S. Gross National Product includes goods produced by:
A. foreign firms on U.S. soil. B. U.S. firms on foreign soil. C. foreign firms on foreign soil. D. None of these statements is true.