To determine inflation over time, a basket of goods and services is used to track _________ levels.
a. cost
b. price
c. consumption
d. production
b. price
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At the competitive equilibrium with a positive proportional labor income tax
A) the real wage after tax exceeds the marginal product of labor. B) the real wage after tax equals the marginal product of labor. C) the real wage after tax is lower than the marginal product of labor. D) We cannot say.
The middle class in the United States has _______ since the late 1960s.
A. stayed the same B. decreased C. increased a great deal but then declined D. increased slightly
Tariffs on imported coffee will result in all of the following except:
A. Higher prices for imported coffee. B. Higher prices for domestic coffee. C. Gains for workers in the domestic coffee industry. D. Gains for workers in the foreign coffee market.
If we are running a federal budget deficit, the national debt
A. may be rising. B. is definitely rising. C. is constant. D. may be falling.