In the wake of the Reagan "supply-side" tax cuts of the early 1980s, growth in the labor-force participation rate ________ and the personal saving rate ________
A) increased, rose
B) increased, fell
C) decreased, rose
D) decreased, fell
D
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The short-run Phillips curve shows only a short-run tradeoff between the unemployment rate and the inflation rate because in the long run the
A) expected inflation rate increases. B) unemployment rate returns to the natural unemployment rate and so there is no long-run tradeoff between the inflation rate and the unemployment rate. C) natural unemployment rate increases. D) inflation rate returns to the natural inflation rate and the unemployment rate returns to the natural unemployment rate. E) inflation rate returns to the natural inflation rate and so there is no long-run tradeoff between the inflation rate and the unemployment rate.
Those who administer poverty programs have strong incentives to _____
a. ignore the poor b. perpetuate poverty c. eliminate poverty d. that poverty is minimized
The U.S. demand curve for foreign currency is drawn holding constant all except one of the following factors. Which is the exception?
a. income in the United States b. the inflation rate in the United States c. incomes in the rest of the world d. the interest rate in the United States relative to the rest of the world e. tastes and preferences of Americans for foreign goods
Refer to the information provided in Figure 1.5 below to answer the question(s) that follow.
Figure 1.5Refer to Figure 1.5. As firms produce additional units, average costs declines by a smaller and smaller amount. If output is graphed on the horizontal axis and average costs are graphed on the vertical axis, the relationship between average costs and output would be like which of the following Panels?
A. A B. B C. C D. D