Between 1820 and 1860, in the U.S.,
a. real wages rose.
b. unskilled workers' earnings fell relative to skilled workers' earnings.
c. fertility rates fell.
d. the number of self-employed workers fell.
e. All of the above.
e. All of the above.
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Refer to Figure 2-5. If the economy is currently producing at point X, what is the opportunity cost of moving to point Y?
A) 14 million tons of steel B) 5 million tons of steel C) 5 million tons of paper D) 9 million tons of paper
Assume that the M1 multiplier is 4. If the Federal Reserve purchases $200 worth of government securities, the money supply will
A) rise by $200. B) rise by $800. C) fall by $200. D) fall by $800.
Part of the effect of higher interest rates on residential construction is through
A) inflationary expectations. B) credit rationing. C) the expected value of the homes to the buyers. D) the income effect.
Suppose the tax on automobile tires is increased so that the tax goes from being a "medium" tax to being a "large" tax. As a result, it is likely that
a. tax revenue increases, and the deadweight loss increases. b. tax revenue increases, and the deadweight loss decreases. c. tax revenue decreases, and the deadweight loss increases. d. tax revenue decreases, and the deadweight loss decreases.