Older, more experienced workers tend to make more than younger workers, but as a worker nears retirement, pay increases level off, and may even fall a little.
Answer the following statement true (T) or false (F)
True
See Figure 16.6 in the textbook.
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Phil and Kelly have always wanted to take a cruise. Although willing to pay $5,000 for a Caribbean cruise for two, they were able to purchase a cruise vacation for two for $3,500 . Their total consumer surplus amounted to:
a. $750 b. $5,000. c. $1,500. d. $3,500.
Which of the following products has an elastic demand?
A. water B. coffee C. cars D. salt
If the government wishes to promote a higher rate of growth of real GDP, a supply-side economist would argue the appropriate policy is
A. leaving the economy alone and letting the natural forces bring it into a long-run equilibrium. B. engaging in expansionary fiscal policy by lowering marginal tax rates. C. engaging in expansionary fiscal policy of increasing government spending. D. lowering marginal tax rates on people and raising them on corporations.
Which of the following is a difference between "quantitative easing" and ordinary open-market operations?
A. There is no difference between the two policy tools. B. Open-market operations are done in order to lower interest rates; quantitative easing is merely intended to increase bank reserves. C. Quantitative easing is focused exclusively on U.S. government bonds; open-market operations also include the buying and selling of debt issued by government agencies and government-sponsored entities.