Refer to the information provided in Figure 19.1 below to answer the question(s) that follow. 
Figure 19.1 Refer to Figure 19.1. Initially after the payroll tax is imposed, there will be
A. an equilibrium in the labor market.
B. an excess supply of labor of 150 units.
C. an excess supply of labor or 100 units.
D. an excess demand for labor of 100 units.
Answer: B
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The Bank of Pitland, which is the highest financial institution in Pitland, has bought treasury bonds worth $2.2 billion from a private bank. How will this transaction affect the balance sheets of the private bank and the Bank of Pitland?
What will be an ideal response?
Suppose that the federal budget is balanced when GDP is at potential GDP. If equilibrium GDP falls below potential,
A) this will result in a current budget deficit. B) government transfer payments will be rising and tax receipts will be falling. C) the cyclically adjusted budget will be balanced. D) All of the above are correct.
Jackie saves $100 and receives $106 the next year. During the same year, the price of the basket of goods that she purchases increases from $100 to $104 . What is nominal interest rate on Jackie's saving? What is the real interest rate on Jackie's saving? What was the inflation rate?
A major characteristic of monopolistic competition is that prices will be _____.
(A) Unrelated to the type of competition. (B) Higher than in a true monopoly. (C) Higher than in perfect competition. (D) Lower than in perfect competition.