In 2017 about 12% of personal income in the United States came from
A. wage supplements.
B. transfer payments.
C. property income.
D. wages and salaries.
Answer: A
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According to the Taylor rule, if there is a recessionary gap of 2 percent of potential output and inflation is 4 percent, what real interest rate will the Fed set?
A. 0.015 B. 0.025 C. 0.03 D. 0.02
The buying and selling of foreign currency is known as:
a) foreign exchange. b) foreign trade. c) the balance of payments. d) the capital account.
Market power is the power to produce at the lowest cost.
Answer the following statement true (T) or false (F)
Economists believe that people who force themselves to always eat everything on their plate at a restaurant, regardless of how full they might feel, likely do so because:
A. they include the sunk cost of their meals in making their decision. B. they gain negative utility from insulting the chef. C. they overvalue the opportunity costs of their health and time involved with eating food they don't really want. D. they undervalue the true benefit of eating too much.