The tax rebate of 2008 was intended to
a. increase aggregate supply.
b. decrease aggregate supply.
c. increase aggregate demand.
d. decrease aggregate demand.
c. increase aggregate demand.
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Carlos is an executive of a major corporation. Boris is a baker. Carlos earns a salary ten times as large as the salary Boris earns, and Carlos has a much larger oven for baking break
Carlos can make a loaf of bread that tastes better than Boris's bread but Boris can bake faster. A) Carlos has an absolute and comparative advantage over Boris in making bread. B) Carlos has an absolute but not comparative advantage over Boris in making bread. C) Carlos had a comparative but not absolute advantage over Boris in making bread. D) Carlos does not have an absolute or comparative advantage over Boris in making bread.
In her book on the American work week, economist Juliet Schorr argues that Americans work too much. Her argument may be interpreted as concluding that this behavior
A. increases GDP but decreases well-being. B. increases GDP and increases well-being. C. decreases GDP and decreases well-being. D. decreases GDP but increases well-being.
If you hear that unemployment increased by 2 percentage points to 4 %in the past year, while the labor force participation rate and the population remained constant, it means:
A. twice as many people are without work than was the case a year ago. B. unemployment doubled in the past year. C. there was a 100 percent increase in unemployment. D. All of these are true.
The substitution effect refers to
A) the law of diminishing marginal utility. B) the want-satisfying power of a good or service. C) substitution of less expensive commodities for more expensive commodities. D) the change in purchasing power when the price of a good changes.