The Motor Carrier Act of 1980 resulted in:
A. lower freight prices.
B. more firms entering the trucking industry.
C. lower value of a trucking license.
D. All of these are correct.
Answer: D
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In the classical model, the level of real GDP per year does not depend on the level of aggregate demand.
Indicate whether the statement is true or false.
The import of Apple iPads assembled in Shanghai at a $295 wholesale price ($213 cost and $82 profit margin) adds more than it should to the U.S. trade deficit with China because
a. Chinese assembly labor represents only 47 % of the wholesale cost b. the iPad's popularity has triggered an enormous number of unit sales c. wholesale prices only count in the trade statistics if final product prices are higher d. as with foreign-assembled minivans, most of the subassembly components come from the U.S. e. the Chinese yuan is a managed currency
The economy will move to a point on the short-run Phillips curve where unemployment is higher if
a. the inflation rate decreases. b. the government increases its expenditures. c. the Fed increases the money supply. d. None of the above is correct.
Which one of the following statements regarding the intertemporal substitution hypothesis is false?
A. Labor supply responds to changes in the real wage. B. Wages and hours of leisure will tend to move together over the course of the life-cycle. C. Workers are willing reduce labor supplied during a recession. D. Increases in unemployment may be voluntary as workers collect unemployment insurance benefits. E. Increases in unemployment may be voluntary as workers trade income for leisure during low-wage periods.