In Figure 16.2, according to supply-side theorists, an increase in mandatory employee benefits would result in a
A. Rightward shift in the Phillips curve.
B. Movement from point A to point B.
C. Leftward shift in the Phillips curve.
D. Movement from point B to point A.
Answer: A
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Keynesian economics endorsed the idea of
(a) increased government spending as a counterforce against slumps or recessions. (b) reduced taxation as a counterforce against rising prices. (c) increased government spending as a counterforce against inflation. (d) decreased government spending as a counterforce against slumps or recessions.
Which of the following is true of the Fed? a. The law lets the Fed decide how best to promote full employment and output in the U.S. economy. b. It relies heavily on Congressional appropriations
c. The president sits on the Board of Governors. d. Congress must approve any new monetary policy. e. The president must approve any new monetary policy.
The labor force typically grows faster in developing countries than in industrial ones because mortality rates are higher in low-income countries
a. True b. False Indicate whether the statement is true or false
The M1 money supply is composed of:
All coins and paper money held by the general public and the banks Bank deposits and mutual funds Checkable deposits and currency in circulation Bank deposits of households and business firms