The table above gives data for the nation of Pearl, a small island in the South Pacific. When the economy is at full employment the price level is
A) 150. B) 110. C) 130. D) 140. E) 120.
E
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A slowdown in labor productivity causes a slowdown in economic growth when all else is held constant
Indicate whether the statement is true or false
In the classical model, beginning from an equilibrium in which the government is running a budget surplus
a. the supply of loanable funds will be horizontal b. an increase in government spending will cause the interest rate to rise c. the supply of loanable funds will be vertical d. an increase in government spending will crowd out less than an equal amount of private spending e. a decrease in government spending will crowd out less than an equal amount of private spending
Efficiency wages
a. raise the productivity of a firm's workers, so the firm hires more workers. b. raise the productivity of a firm's workers, so the firm hires fewer workers. c. reduce the productivity of a firms' workers, so the firm hires more workers. d. reduce the productivity of a firm's workers, so the firm hires fewer workers.
Economist John Kenneth Galbraith has argued that most prices in the United States' mixed economy are set by
A. a government planning committee. B. the invisible hand. C. the nation's largest corporations. D. consumers voting with their dollars.