Which of the following is a positive question?
A. Wouldn't it be better to try to increase people's wages through job-training programs rather than by requiring employers to pay minimum wages?
B. Will the level of teenage unemployment increase if the minimum wage is increased?
C. Should the minimum wage be set at one-half the average manufacturing wage to guarantee individuals a decent standard of living?
D. Wouldn't it be more equitable if the minimum wage increased automatically with the cost of living?
Answer: B
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Because prices are sticky in the short-run, when the Federal Reserve raises the federal funds rate
A) nominal interest rates fall. B) real interest rates rise. C) inflation falls. D) real interest rates fall.
Technology or production processes developed in a particular country:
A. will give that country a permanent comparative advantage. B. may set that country back until they earn back the research and development costs. C. may give that country a temporary comparative advantage. D. generally are not transferrable to other nations.
In general, a plot of land goes to
A. whomever the government designates. B. the highest bidder. C. the person who can make the best use of it.
Which of the following is considered contractionary fiscal policy?
A) Congress increases the income tax rate. B) Congress increases defense spending. C) Legislation removes a college tuition deduction from federal income taxes. D) The New Jersey legislature cuts highway spending to balance its budget.