Which of the following correctly ranks personal consumption, government consumption and investment, and nonresidential investment in order from greatest to least for the U.S. in 2015?
A. Government consumption and investment, nonresidential investment, personal consumption
B. Personal consumption, nonresidential investment, government consumption and investment
C. Personal consumption, government consumption and investment, nonresidential investment
D. Government consumption and investment, personal consumption, nonresidential investment
Answer: C
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Pietro is a manager at a carwash. He has hired 10 workers to wash and detail cars for him and is considering what type of payment scheme he should set up for his workers. He can pay each of his workers $9 per hour to wash and detail cars, or he can pay
his workers $12 for each car a worker washes and details. (It takes 75 minutes, on average, for an employee to wash and detail a car.) If Pietro wants to maximize the number of cars his workers wash and detail in one day, which payment scheme should he use? Explain. What will be an ideal response?
Refer to the information provided in Figure 3.11 below to answer the following question(s).
Figure 3.11Refer to Figure 3.11. An increase in quantity supplied is represented by a movement from
A. Point B to Point A along supply curve S2. B. S2 to S3. C. Point B to Point C along supply curve S2. D. S2 to S1.
If tax revenues are $230 billion and the government's outlays are $235 billion, then the budget
A) surplus is $5 billion and government debt will increase by $5 billion. B) surplus is $230 billion and the budget deficit is $235 billion. C) deficit is $5 billion and government debt will remain the same. D) deficit is $5 billion and government debt will increase by $5 billion. E) deficit is $5 billion and government debt will decrease by $5 billion.
When the economy is at full employment,
A) 100 percent of the labor force is employed. B) there is no structural or cyclical unemployment. C) there is no cyclical unemployment. D) there is only frictional unemployment. E) the natural unemployment rate equals zero.