Globalization and skill-biased technological change have contributed to:
A. increasing wage inequality.
B. the long-term growth in real wages.
C. the slowdown in productivity since 1973.
D. high rates of employment in Western Europe.
Answer: A
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In the above table, the marginal propensity to save is
A) 0.6. B) 0.8. C) 0.2. D) 0.4.
Productive efficiency is achieved when firms produce goods and services
A) at the highest profit margin. B) at the lowest cost. C) most desired by society. D) of the highest quality.
Which of the following is true?
a. When increased government purchases or expansionary monetary policy does give the economy a boost, no one knows precisely how long it will take to do so. b. Given the difficulties of timing stabilization policy, an expansionary monetary policy intended to reduce the severity of a recession may instead add inflationary pressures to an economy that is already overheating. c. If velocity changes, but it moves in a fairly predictable pattern, the connection between money supply and GDP is still fairly predictable. d. All of the above are true.
How does correlation differ from causation? Give an example of each to illustrate your answer