The minimum wage is an example of
A) a subsidy for low-skilled workers. B) a price floor.
C) a black market. D) a price ceiling.
B
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A common property resource is:
A. a resource that only one person can use. B. a resource that anyone can use for a fixed fee. C. a resource that more than one person is free to use without payment. D. a resource that only one person can use free of charge.
For open economies,
A) S = I. B) S = I + CA. C) S = I - CA. D) S > I + CA. E) S < I + CA.
In the United States, since the Great Depression, the federal government has: a. run budget deficits only in periods of recession
b. run a budget deficit in almost every year. c. practiced a policy of annually balancing the budget. d. run budget deficits only in wartime. e. run a surplus in most years.
If the expenditure multiplier is 10 and investment spending decreases by $1,000 billion, what will be the change in GDP?
a. -$10,000 b. $2,500 c. $1,000 d. $10,000 e. -$1,000