Refer to the information provided in Figure 28.1 below to answer the question(s) that follow.
Figure 28.1Refer to Figure 28.1. At wage rate $15, there is a ________ of labor equal to ________ million people.
A. surplus; 150
B. shortage; 120
C. surplus; 120
D. shortage; 150
Answer: C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
If the economy is slipping into a recession, which of the following would be an appropriate fiscal policy?
A) a decrease in oil prices B) a decrease in government purchases C) a decrease in taxes D) an increase in the money supply and a decrease in interest rates
When we graph consumption as a function of national income rather than as a function of ________, the slope of this consumption function is the ________
A) disposable income; MPC B) personal income; MPS C) disposable income; MPS D) personal income; MPC
An automobile manufacturer uses land, labor, capital, and entrepreneurial ability to produce cars and trucks. If the price of trucks increases, the automobile manufacturer would not _____
a. pay a lower wage rate to labor b. increase truck production c. hire more workers d. increase capital used in production e. increase land used in production