In a sense, Keynesian economics is the foundation of all macroeconomics.
Answer the following statement true (T) or false (F)
True
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The population of individuals at least 16 years of age can be broken into 3 groups. They are
A) the unemployed, discouraged workers, and retirees. B) those employed full-time, those employed only part-time, and the unemployed. C) those working in the for-profit sector, those working in the nonprofit sector, and individuals who are unemployed. D) none of the above.
The belief that everyone should have exactly the same amount of income is
A) merit standard. B) comparable-worth doctrine. C) egalitarian principle. D) Lorenz principle.
The Phillips curve shows the relationship between the rate of inflation and the rate of growth of real GDP
a. True b. False Indicate whether the statement is true or false
The Solo Coal Mine is the only employer in the small town of Way out there. The market supply of coal miners is Qs = 0.02W - 400, where W is the annual wage of a coal miner and Q is the number of people who would accept employment as a coal miner. What is the coal mine's marginal expenditure function?
A. ME = 50Q + 10,000 B. ME = 100Q + 10,000 C. ME = 50Q + 20,000 D. ME = 100Q + 20,000