Over the period 1960-2010, the United States economy grew at roughly
A) 2.1 percent.
B) 3 percent.
C) 4 percent.
D) one percent.
E) 3.5 percent.
A
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An increase in the price of gasoline shifts the demand for tires to the
A. left, because gasoline and tires are substitutes. B. left, because gasoline and tires are normally used together. C. right, because gasoline and tires are substitutes. D. right, because gasoline and tires are normally used together.
David Card and Alan Krueger conducted a study of fast-food restaurants in New Jersey and Pennsylvania. The study found that
A) the earned income tax credit is more effective in raising the incomes of low-skilled workers than increases in the minimum wage. B) increases in the minimum wage had a very small impact on employment. C) there was a large reduction in employment of low-skilled workers when the minimum wage was raised in these states. D) increases in the prices of food have a greater effect on wage increases in New Jersey than in Pennsylvania.
Government in the United States spends more as a percentage of GDP than in most other industrialized nations
a. True b. False Indicate whether the statement is true or false
Suppose there are two types of bonds (one-year bonds and two-year bonds) and that the yield curve is initially upward sloping in period t. Note: For this question assume that: (1 ) expected inflation is zero; and (2 ) the relevant interest rate on the vertical axis of the IS-LM model is the one-year interest rate. Based on our understanding of the IS-LM model, of the yield curve and of financial
markets, we know with certainty that an announcement in period t of a partially unexpected future increase in taxes (to be implemented in period t + 1 ) will have which of the following effects? A) stock prices will increase in period t B) stock prices will fall in period t C) the yield curve will become steeper in period t D) none of the above