Which of the following helped transform the budget deficits of the early 1990s into surpluses later in the decade?
a. Rapid growth in the number of persons moving into the retirement phase of life during the 1990s
b. A reduction in defense expenditures following the end of the Cold War
c. A 1997 increase in the tax rate imposed on income derived from capital gains
d. A reduction in Social Security and health-care benefits during the 1990s
B
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Because a monopsony must raise the wage on all labor hired in order to hire more labor,
A) the MCL curve is horizontal at the market wage. B) the MCL curve is negatively sloped. C) MCL = W. D) MCL > W.
Suppose the labor force stays constant, and the working-age population stays constant, but a greater number of persons who were unemployed become employed. The labor force participation rate will
A) increase. B) remain constant. C) decrease. D) not change in a way that can be predicted.
A perfectly elastic demand curve is
a. a vertical straight line b. a horizontal straight line c. a downward-sloping straight line d. an upward-sloping straight line e. not a straight line
The highest-income fifth of the U.S. population earns more than 50 percent of all income
a. True b. False Indicate whether the statement is true or false