Upon seeing the headline "nurses' salaries to be set at a guaranteed minimum," which of the following would you not expect to be true?
a. The market clearing wage rises above the minimum.
b. More nurses offer to work overtime hours.
c. Hospital wage bills rise.
d. The long-term supply of nurses expands.
e. More nurse training programs develop.
A
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The Fed affects aggregate demand through monetary policy by changing
A) tax rates on only interest income and so influencing disposable income. B) government expenditure and so influencing the budget balance. C) the quantity of reserves and determining government expenditure. D) tax rates and influencing disposable income. E) the federal funds rate and the quantity of reserves.
The poverty rate of the elderly in the United States has
a. been constant since 1959 b. risen since 1959 because people are living longer c. fallen since 1959 because of the growth in Social Security and Medicare programs d. fallen since 1959 because of the growth in private retirement plans e. fallen since 1959, mainly because of inflation
A country will not trade unless
A. It has an absolute advantage. B. Its balance of trade is in a surplus position. C. The production possibilities increase. D. The terms of trade are superior to domestic opportunities.
Refer to the graph shown. An effective price floor at Pf causes producer surplus to:
A. fall from areas A + B + E to area A. B. fall from areas C + D + F to area D. C. change from areas A + B + E to areas A + B + C. D. change from areas C + D + F to areas B + C + D.