The graphic on family income distribution above
A) indicates that median family income is $17,000
B) indicates that mean family income is below median family income
C) indicates that median family income is $66,000
D indicates that a large percentage of families make more than $250,000 per year
Answer: C) indicates that median family income is $66,000
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The country of Southland produced $2,000 billion of output in one year. The population of Southland was 100 million, of whom 60 million were employed. What was average labor productivity in Southland?
A. $20 B. $33 C. $33,333 D. $20,000
If persistent inflation was due to declines in long-run aggregate supply, what pattern would be observed?
A) Only prices of services would increase; prices of goods would remain constant. B) Increases in the price level would occur simultaneously with increases in real GDP. C) Increases in the price level would occur simultaneously with decreases in real GDP. D) Only prices of goods would increase; prices of services would remain constant.
Which of the following does not exist when an economy is operating at full employment?
a. An unemployment rate of 5 percent or 6 percent b. Seasonal unemployment c. Structural unemployment d. Cyclical unemployment e. Frictional unemployment
Refer to the graph above. Assume that the economy is in a recession with a price level of P 1 and output level Q 1. The government then adopts an appropriate discretionary fiscal policy. What will be the most likely new equilibrium price level and output?
P1 and Q1 P1 and Q3 P2 and Q2 P2 and Q4