Currently, union membership in the United States is about:
a. 10 percent.
b. 15 percent.
c. 20 percent.
d. 25 percent.
b
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According to classical growth theory, people earn only a subsistence real income because of growth in
A) technology. B) employment. C) population. D) labor productivity. E) capital.
In the Classical model, an increase in saving will result in saving being __________ than investment which will cause the interest rate to __________
A) greater; rise B) greater; fall C) less; rise D) less; fall
A person who would work for 15 more years earning $35,000 per year and discounts the future at an interest rate of 5.5% per year has an annually-compounded discounted expected present value of current and future earnings equal to
A. $351,315. B. $856,225. C. $622,881. D. $201,723.
Table 10-1 Aggregate Quantity Aggregate Quantity ? Demanded Supplied Price (billions) (billions) Level $3500 $2900 65 3400 3000 75 3350 3150 90 3250 3250 110 3100 3400 130 In Table 10-1, if full employment occurs at $3,400 billion, then
A. the economy experiences a recessionary gap of $75 billion. B. the economy experiences a recessionary gap of $150 billion. C. the economy experiences an inflationary gap of $75 billion. D. the economy experiences an inflationary gap of $150 billion.