In a market economy, which of the following is most important if one is going to achieve high earnings?
a. hard work
b. having a graduate degree in a field like history or sociology
c. provision of goods and/or services that others value highly
d. membership in a labor union
c. provision of goods and/or services that others value highly
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Contractionary monetary policy refers to the Fed's decreasing the money supply and decreasing interest rates to decrease real GDP
Indicate whether the statement is true or false
If the marginal product of labor increases because of a shift of the MP curve, that will likely cause
a. an increase in the price of output produced by labor b. an increase in labor demand c. an increase in labor supply d. a fall in the wage paid to labor e. a fall in the number of workers employed
Is education a public good? Focus on whether it meets the two criteria for being a public good
What contributed to the United States recession of 2007-2009?
a. High Federal budget deficit b. Deflation in commodity prices and reduction in consumer saving c. Bank failure, panic among investors, and lack of confidence in paper currency d. Stock market collapse, drop in real estate values, and a drop in consumer spending