The wages of plumbers are likely to increase when:
A. Licensing standards for the occupation are increased
B. There is an increase in the cost of plumbing supplies
C. The length of the training period for plumbers is decreased
D. More do-it-yourself home improvement centers open across the nation
A. Licensing standards for the occupation are increased
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Exhibit 30-1
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In the basic closed-economy ISLM model, the LM curve can be described by an equation where
A) output is a function of consumption. B) money is a function of interest rates. C) output is a function of money. D) interest rate is a function of output.
Programs that automatically increase government spending (relative to revenue) during a recession and automatically decrease government spending (relative to revenue) during an economic boom are called:
a. discretionary fiscal policy. b. supply-side programs. c. automatic stabilizers. d. tax credits.
The amount that individuals would have been willing to pay, minus the amount that they actually paid, is called:
a. producer surplus. b. consumer surplus. c. total surplus. d. demand surplus.