If the demand for labor is plotted against the money wage, with the money wage on the vertical axis, then
a. an increase in the price level will cause the labor demand schedule to shift to the right.
b. an increase in the money wage will cause the labor demand schedule to shift to the left.
c. an increase in the money wage will cause the labor demand schedule to shift to the right.
d. the labor demand schedule will be upward sloping.
A
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The recurrent ups and downs in the level of economic activity extending over several years are referred to as
A. business startups. B. economic phases. C. business cycles. D. noncyclical fluctuations.
In the U.S. economy, the effect on federal tax revenues and spending of an increase in the unemployment rate is to:
a. cut tax revenues and raise expenditures. b. cut expenditures and raise tax revenues. c. raise both tax revenues and expenditures. d. cut both expenditures and tax revenues.
Inflation occurs when:
a. The prices of all goods and services rise by the same percent during a given period of time. b. There is a sustained increase in the average price level. c. There is an increase in the price level of raw materials. d. The contraction of the monetary base leads to a decrease in the average price level.
Checkable deposits are money because they are:
A. acceptable in exchange. B. legal tender. C. fiat money. D. token money.