At macroeconomic equilibrium, total ________ equals total ________
A) consumption; production B) taxes; transfers
C) investment; inventories D) spending; production
D
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The introduction of steamboats:
a. led to dramatic declines in the price of upstream transport. b. led to moderate declines in the price of downstream transport. c. is the primary reason for falling transportation costs in the early 1800s. d. led to an initial decrease in transport costs that continued to fall due to learning by doing and the construction of lighter boats with increased capacity. e. All of the above.
If the minimum wage is set at a level below the equilibrium wage it:
A. will have a large effect. B. would be a nonbinding minimum wage. C. would interfere with the market reaching equilibrium. D. will probably affect government jobs more than any other job market.
As the marginal propensity to consume (MPC) increases, the spending multiplier:
a. increases. b. decreases. c. remains constant. d. becomes indefinable.
Mallory Trammell is a homemaker. Last week, she was busy with her normal household chores. She is:
A. not a member of the labor force. B. a member of the civilian labor force who is unemployed. C. a member of the civilian labor force who is underemployed. D. a member of the civilian labor force who is employed.