Part of the decrease in real wages during the Civil War was due to deteriorating productivity because of ___
a. the inability of firms to replace machinery
b. the need to use inexperienced workers
c. the decline in coal production
d. excessive days lost due to strikes
b. the need to use inexperienced workers
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What is the marginal revenue product of labor (MRP)? What shape does the MRP curve have? Why?
What will be an ideal response?
The federal funds rate is not just targeted by the Fed but is determined by the Fed. Market forces are irrelevant
a. True b. False
Which one of the following accurately states the view of activists who favor discretionary stabilization policy?
a. Neither monetary nor fiscal policy will exert an impact on the real level of economic activity. b. Since we have only limited ability to forecast the future direction of the economy, the best policy is to do nothing. c. Our ability to forecast the future direction of economic activity is quite good, and therefore, discretionary macroeconomic policy is now capable of eliminating fluctuations in the business cycle if policy makers would follow the advice of leading economists. d. The index of leading indicators and other forecasting tools provide policy makers with valuable information that permits them to institute stabilizing changes in macroeconomic policy.
The creation of the Social Security program had no impact on the labor force participation rate because people are not interested in working past the age of 65.
Answer the following statement true (T) or false (F)