What was not a significant cause of the Great Depression?
a. Bank failures
b. Stock market crash
c. Government fiscal and monetary policy
d. Large increase in imports that took jobs away from American workers
d. Large increase in imports that took jobs away from American workers
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If net taxes are decreased by $500 billion, and the marginal propensity to consume is 0.80, then which of the following correctly describes the increase in real GDP that will be generated by the decrease in net taxes?
a. $2 trillion b. $1 trillion c. $500 billion d. $400 billion
Economists often evaluate a theory in terms of how consistently and accurately it predicts what happens. Implicit in this position is the belief that
A) if the theory's predictions are consistently accurate, then there is a fairly good chance that the theory is a good explanation of how things work. B) if the theory's predictions are consistently accurate, then there is a fairly good chance that the theory will be accepted by others. C) if the theory's predictions are consistently accurate, then there is a fairly good chance that the theory's assumptions (even if they initially seem unrealistic) capture something that is essential to explaining what it is that the theory is trying to explain. D) all of the above
What does the existence of labor unions mean for the labor market and for unemployment?
A. Unemployment could reach zero. B. Wage rates could fall below equilibrium level. C. Wage rates could rise above equilibrium level. D. Unemployment could grow to unsustainable levels.
Refer to the above graphs. Which pairs of budget constraints represent only a decrease in income, but no change in the price of X and Y?
A. Graph A B. Graph B C. Graph C D. Graph D