According to your textbook authors, what explains the dramatic decline in the U.S. poverty rate since the 1960s?
A) The power of labor unions
B) Steady economic growth
C) Increases in the minimum wage
D) The growth of in-kind government transfers
E) The growth of government welfare assistance paid in money
B
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A recession occurs when ________, when ________, or when both of these occur.
A. potential output grows rapidly; actual output equals potential output B. potential output grows rapidly; actual output falls below potential output C. potential output grows slowly; actual output rises above potential output D. potential output grows slowly; actual output falls below potential output
Starting from a position of macroeconomic equilibrium at below the full-employment level of real GDP, an increase in the money supply will:
A. raise interest rates, prices, and reduce real GDP. B. raise interest rates, lower prices, and leave real GDP unchanged. C. raise interest rates, lower prices, and leave real GDP unchanged. D. lower interest rates, raise prices, and increase real GDP.
Assuming no government or foreign sector, [1 / MPS] represents
A. the multiplier. B. the consumption function. C. autonomous income. D. negative saving.
Exhibit 30-3 Costs of Eliminating:Firm A Firm B Firm C 1st ton of pollution$ 30 $ 50 $ 600 2nd ton of pollution$ 70 $ 90 $ 700 3rd ton of pollution$125 $150 $ 900 4th ton of pollution$200 $250 $1,300 Refer to Exhibit 30-3. Suppose that Firms A, B, and C are the only polluters in the state and that each emits 4 tons of pollution into the atmosphere. To cut the level of pollution the government imposes an emission tax of $300 per ton of pollution. As a result of this tax, Firm A would _________________, firm B would ____________________ and firm C would __________________.
A. not reduce any of its pollution; not reduce any of its pollution; reduce all 4 tons of its pollution B. reduce all 4 tons of its pollution; only reduce 1 ton of its pollution; not reduce any of its pollution C. reduce all 4 tons of its pollution; reduce all 4 tons of its pollution; not reduce any of its pollution D. not reduce any of its pollution; reduce 3 tons of its pollution; reduce all 4 tons of its pollution