The goal of programs such as government-subsidized housing, food stamps, and Medicaid are to:
A. spur economic growth.
B. redistribute wealth from the rich to the poor.
C. reduce the time people spend in transient poverty.
D. None of these is true.
B. redistribute wealth from the rich to the poor.
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Faced with the evidence of poor working conditions and low wages in the border maquiladoras, economists
A) shrug their shoulders and ignore the issue. B) agree that trade theory is thus proven hollow and internally inconsistent. C) argue that U.S. consumers should not consume lettuce. D) argue that the poor conditions and low wages are actually improvements for the Mexican workers, and may be cited as gains-from-trade. E) argue that Mexico's generally high overall productivity offsets these conditions.
A short-run aggregate supply curve (SRAS) assumes: a. the CPI is fixed
b. each point on the SRAS is potential real GDP. c. fixed or sticky nominal wages. d. nominal wages vary directly with price changes.
If the fluctuations in the economy's real growth rate from year to year are caused primarily by variations in the rate at which aggregate supply increases, then data would show
a. a cyclical relationship between inflation and unemployment. b. a direct relationship between inflation and unemployment. c. an inverse relationship between inflation and unemployment. d. no relationship between inflation and unemployment.
Marginal cost equals
a. total cost divided by quantity of output produced. b. total output divided by the change in total cost. c. the slope of the total cost curve. d. the slope of the line drawn from the origin to the total cost curve.