Which of the following best describes trends in unionization and immigration in the 1920s?
a. Immigration was restricted and unions decreased
b. Immigration was encouraged and unions increased
c. Immigration was encouraged while the number of union members decreased
d. Immigration was discouraged while the number of union members increased
a. Immigration was restricted and unions decreased
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If a $10 increase in government expenditure produces a change of $17 in gross domestic product, the value of the government expenditure multiplier is ________
A) 27 B) 1.7 C) 7 D) 170
Assume that prices and wages adjust rapidly so that the markets for labor, goods, and assets are always in equilibrium
What are the effects of each of the following on output, the expected real interest rate, and the current price level? (a) a temporary increase in taxes (b) a reduction in the effective tax rate on capital (c) an increase in expected inflation
The central question in economics is how to
a. make the best use of scarce resources. b. use government planning agencies. c. induce people to want less. d. increase human knowledge.
Lawrence is a photographer. He has $230 to spend and wants to buy either a flash for his camera or a new tripod. Both the flash and tripod cost $230, so he can only buy one. This illustrates the principle that
a. trade can make everyone better off. b. people face trade-offs. c. rational people think at the margin. d. people respond to incentives.