If the money supply in the economy were at MS2, and the Federal Reserve Bank used open market operations to move money supply to MS1 the overall result in the economy would be:
A. Aggregate demand shifted in, causing GDP to fall.
B. Aggregate supply shifted in, causing GDP to fall.
C. Aggregate demand shifted out, causing GDP to rise
D. LRAS move to the FE level of output.
A. Aggregate demand shifted in, causing GDP to fall.
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In order for a patent to be considered useful, it must meet which of the two criteria?
A) It serves some minimal human need and has a downward sloping demand curve. B) It works as intended and serves some minimal human need. C) It minimally works as intended. D) It works as intended and has downward sloping demand curve.
At market equilibrium, the total benefit that results from all the transactions is
A. the sum of the producer surplus and the consumer surplus. B. the consumer surplus minus the producer surplus. C. the entire area under the demand curve up to the quantity exchanged. D. the producer surplus minus the consumer surplus.
In competitive labor markets, ________ demand labor and ________ supply labor.
A. firms; labor unions B. firms; workers C. workers; firms D. labor unions; firms
Answer the following statements true (T) or false (F)
1) In the United States since 1975, the poor have gotten poorer and the rich have gotten richer in both relative and absolute terms. 2) The top 20 percent of U.S. income earners receive nearly 80 percent of total U.S. income. 3) Currently over 90 percent of all workers in the United States are covered by Social Security. 4) Unemployment compensation is financed by taxes levied on employers. 5) TANF stands for Temporary Assistance for Needy Families.