The fiscal policy of the United States is
A. decided each year by the head of the U.S. Department of the Treasury.
B. summarized in the budget of the U.S. federal government.
C. published in the Federal Reserve Bank's Annual Report.
D. the sum of the budgets of each state and municipality.
Answer: B
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What is the basic criticism that economic theory levels against the movement to base wages on the "comparable worth" of jobs?
A) Markets, not employers, set wage rates for different jobs. B) There are no jobs that are inherently more suitable for women than for men. C) There is no way to compare the satisfactions that different people derive from a job. D) Wage rates determine the worth of workers to an employer by determining the number that will be hired. E) Wage rates will be set by supply and demand and cannot be changed by anything government does.
An example of a randomized controlled experiment is when
A) households receive a tax rebate in one year but not the other. B) one U.S. state increases minimum wages and an adjacent state does not, and employment differences are observed. C) random variables are controlled for by holding constant other factors. D) some 5th graders in a specific elementary school are allowed to use computers at school while others are not, and their end-of-year performance is compared holding constant other factors.
If average product is increasing, then marginal product
A. cannot be decreasing. B. must be increasing. C. must be greater than average product. D. must be less than average product. E. both a and c
Refer to the above graph, which shows the market for beef where demand shifted from D 1 and D 2. The change in equilibrium from E1 to E 2 is most likely to result from:
A decrease in the tax on beef products An increase in the price of pork A decrease in consumer incomes An increase in the cost of cattle feed