Inflation adjusted hourly wages for the average hourly worker is _______ today than it was in 1973.
A. higher
B. lower
C. about the same
B. lower
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A recessionary gap is the amount by which
A. total planned real expenditures exceed total planned production in the long run. B. the short-run equilibrium level of real GDP is below the full-employment level of real GDP. C. the short-run equilibrium level nominal GDP is above the short-run real GDP. D. the short-run equilibrium level nominal GDP is below the short-run real GDP.
When examining the financial status of households, wealth is
A. a flow variable whereas income is a stock variable. B. a stock variable and includes both tangible assets and human capital. C. not as important as income because wealth does not change over time. D. synonymous with income.
Protection of intellectual property rights is more common in developing countries than in developed countries.
Answer the following statement true (T) or false (F)
Assume the economy faces high unemployment but stable prices. Which combination of government policies is most likely to reduce unemployment?
a. The purchase of government securities in the open market and an increase in taxes b. The sale of government securities in the open market and a decrease in taxes c. The sale of government securities in the open market and a decrease in government spending d. The purchase of government securities in the open market and an increase in government spending