The income effect
a. of a price increase works to increase the quantity of the good demanded
b. of a price increase works to decrease the quantity of the good demanded
c. of a price decrease works to increase the quantity of the good demanded
d. of a price decrease works to decrease the quantity of the good demanded
e. of a price decrease could work to increase or decrease the quantity of the good demanded
E
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Which of the following is likely to be an extreme view taken by critics of illegal immigration?
A. Illegal aliens are close substitutes for legal resident workers B. Illegal workers accept jobs that legal residents are unwilling to do C. Undocumented workers do not displace legal residents from their jobs D. Undocumented workers are complements to legal resident workers
In the long run ________
A) the amount of output an economy can produce is determined by real variables like capital, labor and technological advances B) aggregate supply is fixed at the potential level of output C) there is enough time for prices to fully adjust so the classical dichotomy holds D) all of the above E) none of the above
According to the efficient market hypothesis, rational people will not recognize that asset prices are rising too quickly.
Answer the following statement true (T) or false (F)
In the United States in 1929, ________ people were unemployed.
A. 250,000 B. 1.5 million C. 13 million D. 51 million