Since the late 1970s, economic growth has
a. occurred at a rapid pace compared to the period 1950-1973
b. improved living standards across the entire population
c. maintained approximately constant living standards across the entire population
d. improved the living standards of less-skilled workers while highly skilled workers have become worse off
e. improved the living standards of highly skilled workers while less-skilled workers have become worse off
E
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An economy with an expansionary gap will, in the absence of stabilization policy, eventually experience a(n) ________ in the inflation rate, leading to a(n) ________ in output.
A. decrease; increase B. increase; increase C. decrease; decrease D. increase; decrease
Suppose a lottery ticket costs $1and has a jackpot of $1 million. What must the probability of winning nothing be if the bet is fair?
a. 99% b. 99.9% c. 99.999% d. 99.9999%
A cause of the decline in the velocity of money during the 2007-2009 financial crisis was a result of:
A. the fiscal stimulus provided by the U.S. government. B. the lowering of the discount rate by the Fed. C. an increase in uncertainty. D. the use of unconventional policy tools by the Fed.
Every month, the Bureau of Labor Statistics surveys 160,000 business establishments to help determine the
a. number of people unemployed. b. number of jobs the economy has gained or lost. c. size of the labor force. d. number of people who own their own businesses.