The trade deficit and federal budget deficit plagued which U.S. presidential administration with high inflation and low levels of production and employment?
(a) Franklin D. Roosevelt (1933–45)
(b) Dwight D. Eisenhower (1953–61)
(c) John F. Kennedy (1961–63)
(d) Ronald W. Reagan (1981–89)
(d)
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Graphically, a firm's total revenue is represented by the:
a. triangle formed under the demand curve. b. rectangle formed under the demand curve at a given price and quantity combination. c. rectangle formed under the average-total-cost curve at a given ATC and quantity combination. d. triangle formed by a line segment between the demand and average-total-cost curves at any level of output. e. triangle formed by a line segment between the horizontal axis and the average-total-cost curves at any level of output.
Which of the following policy changes would lead to a decrease in the real interest rate and an increase in investment and saving?
a. a larger investment tax credit b. an expansion of eligibility for Individual Retirement Accounts c. an increase in income-tax rates, with no change in the government budget deficit or surplus d. an increase in government purchases, with no change in taxes
Labor productivity can only increase if:
A. Labor increases faster than capital B. Capital increases faster than labor C. Labor increases while capital decreases D. Labor and capital increase at the same rate
Select the normative statement that completes the following sentence: If the minimum wage is raised:
A. cost per unit of output will rise. B. workers will gain their rightful share of total income. C. the rate of inflation will increase. D. profits will fall.