Minimum wages are the predominant reason for unemployment in the U.S. economy
a. True
b. False
Indicate whether the statement is true or false
False
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An increase in the expected profitability of investment will cause
A) IS to shift right. B) IS to shift left. C) MP to shift upward. D) MP to shift downward.
As the best measure of the size of economic fluctuations associated with a business cycle, economists typically use
A) real GDP. B) the deviation of real GDP from potential GDP. C) potential GDP. D) the deviation of real GDP from nominal GDP.
If the demand for widgets is inelastic, total revenue will ________ if the price of widgets increases.
a. increase b. decrease c. remain the same d. one cannot tell what will happen to revenues without specific elasticity numbers e. none of the above
During Japan's economic slump in the early 1990s, monetary policy:
a. was highly effective at stimulating income. b. was caught in a liquidity trap as a result of high inflation and interest rates. c. was ineffective because of a liquidity trap caused by near zero interest rates. d. was never even attempted. e. was the cause of the slump.