If W is the nominal wage rate, N is the quantity of labor, P is the price level, and Y is real income, then labor's share in national income is
A) WN - PY.
B) WP/YN.
C) WN/PY.
D) PY - WN.
C
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The short-run Phillips curve is ________ than the long-run Phillips curve
A) flatter B) steeper C) less stable D) Both B and C are correct.
A steep IS curve implies that
A) an increase in money supply will change output by a relatively small amount. B) a decrease in taxes will change output by a relatively small amount. C) changes in money supply will have large multiplier effects on output. D) A and B.
Since 1970, U.S. union membership has
a. increased as a percentage of the labor force. b. declined as a percentage of the labor force. c. remained stable as a percentage of the labor force. d. become more restrictive.
Recall the Application about the Fed's response to the collapse of the investment house Bear Stearns as well as its handling of the 2008 financial crisis with respect to other financial institutions to answer the following question(s). According to this Application, the Fed responded to the financial crisis by continuing to develop new programs. One example of this was its announcement that it would now purchase commercial paper, which is the short-term debt of corporations. This is an example of the Fed acting as a:
A. medium of exchange. B. lender of last resort. C. store of value. D. unit of account.