Which of the following increases the demand for U.S. union labor?
A) an increase in the minimum wage
B) an increase in the demand for imported goods
C) new laws that ease immigration restrictions
D) All of the above cause an increase in the demand for union labor.
A
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Using the data in the table above, the equilibrium quantity and equilibrium price for a cellular telephone is
A) 50,000 and $100. B) 80,000 and $80. C) 60,000 and $50. D) 40,000 and $20. E) 100,000 and $20.
Which of the following examples best illustrates the concept of derived demand?
A) An increase in the price of beef results in an increase in the demand for fish. B) The higher the demand for automobiles, the greater the demand for steel. C) The demand for Pepsi varies directly with the price of Coke. D) The demand for a good varies inversely with its price.
What impact did the change in housing prices during 2002 to 2005 have within the framework of the AD/AS model?
a. Declining housing prices reduced aggregate demand shifting AD leftward. b. Rising housing prices increased aggregate demand shifting AD rightward. c. Rising housing prices led to increased construction shifting LRAS leftward. d. Declining housing prices caused SRAS to shift leftward.
The various time lags involved with fiscal policy imply that
A. fiscal policy may often be destabilizing if the policy effects occur after the need is over. B. when fiscal policy is carefully coordinated, it can quickly move to keep the economy at the full-employment level of real GDP. C. fiscal policy is most effective as a short-run measure to fine tune the economy's quarterly ups and downs. D. fiscal policy is effective only slowly, but the slowness ensures that it is effective in the long run.