The real wage rate measures
a. nominal wages after taxes
b. what workers are paid in terms of this year's dollars
c. what workers are paid in terms of purchasing power
d. what workers have available for spending after paying their bills
e. the number of dollars earned by workers
C
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Starting from long-run equilibrium, a large decrease in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; lower; potential B. expansionary; higher; potential C. recessionary; lower; potential D. recessionary; lower; lower
Why are transfer payments excluded from government expenditure in the national income accounts?
What will be an ideal response?
No matter what banks do, when the legal reserve requirement is 20 percent, the potential money multiplier is
a. 0.2 b. 1.2 c. 2 d. 2.5 e. 5
The reason cigarette taxes would impact kids more than adults is that adult demand is ________ elastic than demand by kids.
A. as B. more C. less D. neither more or less