To some economists, the "Great moderation" means:
a. a small change in real wages.
b. a low inflation rate.
c. a low unemployment rate.
d. low output growth variability.
e. low money supply growth.
d
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Low labor standards are usually associated with
A) nondemocratic governments. B) high-income countries. C) high-wage countries. D) low foreign investment.
If the MRP of labor decreases, labor:
a. demand will decrease. b. demand will increase. c. supply will increase. d. supply will decrease. e. demand and supply will be unaffected.
Rapid economic growth has increased the economic well-being of U.S. citizens because
a. people are now earning higher incomes while goods and services are cheaper b. the dollar is worth now more than in the past c. the output of goods and services has risen faster than the population d. the population is now living and working longer e. the population has increased while production has decreased
A factor that might have contributed to the weakening of the U.S. economy in 2007-2009 was
A. increases by the Federal Reserve in its target short-term interest rate. B. the unexpected return to the gold standard. C. rapid growth of the money stock. D. rising levels of federal government spending.