Which term is used to describe equilibrium at a level of output above potential GDP?
a. Recessionary gap
b. Inflationary gap
c. Deflationary gap
d. Keynesian gap
b. Inflationary gap
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The demand curve for labor is also
A) the supply curve for the output labor is used to produce. B) the demand curve for the output produced with labor since the demand for labor is a derived demand. C) the marginal product of labor curve. D) the marginal revenue product of labor curve.
The cross-price elasticity of garlic salt and onion salt is -2, which indicates that garlic salt and onion salt are substitutes
a. True b. False Indicate whether the statement is true or false
Ceteris paribus, if the Fed raises the reserve requirement, then:
A. The money multiplier increases. B. The lending capacity of the banking system decreases. C. Excess reserves increase. D. Required reserves decrease.
Marginally attached workers are people who are
a. looking for a better job than they currently have. b. not working and are not looking for work, but would work if asked. c. working part-time while they go to school or get training for a better job. d. only a few years from retirement.