Which of the following groups had the highest median income in the U.S. in 2008?
A. Hispanic
B. White (non-Hispanic)
C. Asian
D. Black
C. Asian
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Discuss the production function. How does the production function relate to the labor market and potential GDP?
What will be an ideal response?
If the Federal Reserve decided to include virtual money like Bitcoins in its measure of the money supply, what would be the effect on M1 or M2?
A) M1 would rise. B) M1 would rise and M2 would remain constant. C) M2 would rise but M1 would remain constant. D) M1 would fall.
The dual mandate of the Federal Reserve System is to maintain ________
A) exchange rate and price stability B) price stability and maximum sustainable employment C) maximum sustainable employment and GDP growth D) GDP growth and exchange rate stability
When the market price is held above the competitive level, the deadweight loss is composed of:
A) producer surplus losses associated with units that used to be traded on the market but are no longer exchanged. B) consumer surplus losses associated with units that used to be traded on the market but are no longer exchanged. C) producer and consumer surplus losses associated with units that used to be traded on the market but are no longer exchanged. D) There is no deadweight loss if the government uses a price floor policy to increase the price.