The earned income tax credit addresses the issue of ______
Fill in the blank(s) with the appropriate word(s).
Answer: Welfare dependency
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If an economy spends 90 percent of any increase in real GDP, then an increase in investment of $1 billion would result ultimately in an increase in real GDP of:
a. $0. b. $0.9 billion. c. $1.0 billion. d. $10 billion.
Do policy makers know the level of unemployment that is associated with "full employment"?
a. Yes, economists have the precise level of unemployment that is full employment. b. Yes, although there is a small range of uncertainty in this measure. c. No, economists have no idea what this level of unemployment is. d. No, this number is not known with complete accuracy.
The table above gives the total cost information for a perfectly competitive firm. What is the profit-maximizing quantity of output?
a. 4 b. 6 c. 3 d. 5
A fractional reserve banking system is a system whereby
A. a central bank tells all banks what fraction of the population they can serve. B. banks keep at least 100 percent of their deposits on hand as reserves. C. banks specialize so that one type of bank handles one kind of deposit and another type of bank handles another type of deposit. D. banks keep only a fraction of their deposits on hand as reserves.