If multiplier effects are ____ than policy makers expect or the natural rate of real output is _____ than expected, monetary policy will tend to undershoot its intended effects
a. Greater; greater.
b. Greater; less
c. Less; greater
d. Less; less
c
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Over the range of output for which the marginal product of labor curve is negatively sloped, the marginal cost curve is negatively sloped
Indicate whether the statement is true or false
Which of the following is not "means-tested"?
a. Temporary Assistance for Needy Families (TANF) b. welfare programs c. the Food Stamp program d. Social Security payments to a retiree e. free and reduced price school lunches for the poor
In Figure 9-13, assume the initial equilibrium at point A is disturbed by an increase in demand. If long-run equilibrium is established at point C, this is a(n)
a.
constant cost industry
b.
increasing-cost industry
c.
decreasing-cost industry
The service a homeowner performs when she mows her yard is not included in GDP because:
A. This is a nonmarket transaction B. This is a nonproduction activity C. This is a noninvestment transaction D. Multiple counting would be involved