The 20 percent of families with the lowest income in the United States receive approximately ________ percent of total income.
A. 20
B. 15
C. 1
D. 3
Answer: D
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When output is below potential and the policy rate has hit the floor of zero, if policymakers do nothing, output will ________ and inflation will ________
A) rise; fall B) fall; fall C) fall; rise D) rise; rise
According to Gordon, which of the following is NOT a plausible explanation for a decrease in the measured growth of capital per worker in the United States after 1973?
A) higher inflation causes overtaxation and discourages saving B) increased labor force participation by women C) slower growth in the capital stock D) lower real wages in response to supply shocks in the 1970s
Shifting resources away from producing one good in order to produce another is an example of
a. Unlimited resources b. Limited wants c. Opportunity cost d. None of the above
According to the Phillips curve, a more expansionary macro-policy that causes inflation to be greater will:
a. place downward pressure on prices. b. reduce unemployment. c. reduce output. d. reduce the natural rate of unemployment.