The federal expenditure category of net interest includes ______.
a. Social Security
b. payments to bond holders
c. employee wages
d. state and local grants
b. payments to bond holders
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One of the major motivations for labor resistance to productivity enhancing changes in a production process is the resulting threat to job security
Indicate whether the statement is true or false
In the classical model, high unemployment due to a change in aggregate demand
A) can persist for an indefinite period of time. B) will return to its normal level quickly as wages adjust. C) will persist if due to a supply shock but not if due to a demand shock. D) never exists because unemployment can never deviate from its normal level.
GDP can measure either the total income of everyone in the economy or the total expenditure on the economy's output of goods and services, but GDP cannot measure both at the same time
a. True b. False Indicate whether the statement is true or false
In 1992 hurricanes damaged parts of Florida, Louisiana, and Hawaii, destroying homes, businesses, schools, and infrastructure. In strictly economic terminology, these hurricanes are said to have caused
A) scarcity, because the damages made food and shelter scarce. B) scarcity, because some goods were difficult to get. C) shortages, because supplies were cut off and goods were destroyed. D) absolute advantages, because some areas of the country were damaged when others were not.