Immigration has _____ our rate of economic growth.
A. increased
B. slowed
C. had no effect on
A. increased
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If production displays increasing marginal returns, then
A) the firm must be adding new capital to keep boosting productivity. B) each new worker hired adds more to output than previous hires. C) total product reaches a maximum sooner than if production displayed decreasing returns. D) total product rises by a constant amount throughout.
Which of the following is not consistent with a minimum wage that is set above the equilibrium wage?
A. Some workers will end up with higher wages. B. Some workers will end up unemployed. C. A labor surplus will result. D. There will be no unemployment.
What actions would a supply-side economist advocate to cure an inflationary situation?
What will be an ideal response?
Discretionary fiscal policy refers to:
A. changes in taxes and transfers that occur as GDP changes. B. the authority that the president has to change personal income tax rates. C. any change in government spending or taxes that destabilizes the economy. D. changes in taxes and government expenditures made by Congress to stabilize the economy.