As the price level falls, the slope of the RGDP demanded curve ______.
a. increases
b. decreases
c. remains constant
d. switches to vertical
c. remains constant
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The Law of Supply states that:
A) supply creates its own demand. B) the quantity supplied of a good will always equal the quantity of the good demanded. C) the quantity supplied of a good rises when the price rises. D) at the equilibrium price, there is always some excess supply in the market.
The time span between the beginning of a downturn and the time by which hard data to indicate a downturn is made available is called:
a. the signal lag b. the implementation lag. c. the impact lag. d. the recognition lag.
If the marginal revenue product of the fifth worker hired by a firm is $15 and the price of a unit of output is $5 regardless of how much is sold, then the marginal product of the fifth worker is
a. 15 units of output. b. 5 units of output. c. 3 units of output. d. 45 units of output. e. 75 units of output.
The payroll tax for Social Security in the United States is
A. progressive. B. uniform. C. proportional. D. regressive.