Suppose the labor-force participation rate of men is greater in Troy than in Sparta. This could be because the men of Troy
a. spend more time in school and have earlier and longer retirements than men in Sparta.
b. spend more time in school and have later and shorter retirements than men in Sparta.
c. spend less time in school and have earlier and longer retirements than men in Sparta.
d. spend less time in school and have later and shorter retirements than men in Sparta.
D
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Refer to Figure 7.1. Suppose the city passes an ordinance banning loud music, and this directly impacts Angus's legal ability to play his bagpipes. In response to this ordinance, Angus agrees to pay Dudley $225 each day to not call the police
Compared to the original scenario where there was no ordinance banning loud music, in this situation the size of the economic pie will A) shrink. B) not change. C) grow. D) More information is needed to determine the size of the economic pie.
As the baby boom ended, fewer families had young children and, as a consequence, the
a. demand curve for preschool services shifted outward b. demand curve for preschool services shifted inward c. supply curve for preschool services shifted outward d. supply curve for preschool services shifted inward e. supply and demand curves for preschool services remained constant
A major goal of federal government policy is to eliminate frictional unemployment
a. True b. False Indicate whether the statement is true or false
Suppose that consumers become more pessimistic about the future and, as a result, reduce their consumption by $10 billion. If the marginal propensity to consume is 0.80, how will this $10 billion reduction in consumption affect the equilibrium level of real GDP?
a. Real GDP will decrease by $8 billion. b. Real GDP will decrease by $10 billion. c. Real GDP will decrease by $40 billion. d. Real GDP will decrease by $50 billion.