Figure 4-25
Refer to . After the tax is levied, producer surplus is represented by area
a.
A.
b.
A + B + C.
c.
D + E + F.
d.
F.
d
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What was very unusual about the 2001 recession, was that consumer spending ________________________.
Fill in the blank(s) with the appropriate word(s).
Suppose that this graph describes the current labor market for high school teachers:
Suppose supply of labor decreases. At the new equilibrium, wages would be ________ and ________ teachers would be hired.
A. lower; fewer B. higher; fewer C. higher; more D. lower; more
Which of the following was NOT part of the New Deal?
A. Social Security B. The federal minimum wage C. Unemployment insurance D. Medicare
If planned investment is perfectly unresponsive to changes in the interest rate, the planned investment schedule
A. is horizontal. B. has a positive slope. C. has a negative slope. D. is vertical.