The Federal Reserve System has the power to:
a. raise or lower federal income tax rates
b. balance the federal government budget.
c. increase or decrease federal government spending.
d. compete with commercial banks in making loans to business firms.
e. buy and sell federal government securities.
e
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A situation in which union membership is required before a person can be hired is a
A) closed shop. B) union shop. C) agency shop. D) restricted shop.
Your father tells you he earned $1.50 per hour when he was 16 in 1969 . Given that the CPI was 36.0 in 1969 and 215 in 2008, how much would you have to earn in 2008 in order to have the same real wage as your father in 1969?
a. $1.50 b. $5.00 c. $8.95 d. $15.00
In her book on the American work week, economist Juliet Schorr argues that Americans work too much. Her argument may be interpreted as concluding that this behavior
A. increases GDP but decreases well-being. B. increases GDP and increases well-being. C. decreases GDP and decreases well-being. D. decreases GDP but increases well-being.
The largest component of GDP is:
A. personal consumption expenditures. B. government spending. C. durable goods. D. net exports.