There is now general agreement among economists regarding the sources of the U.S. productivity slowdown that occurred between 1973 and 1995
a. True
b. False
Indicate whether the statement is true or false
False
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In 1975, Richard Petty won the NASCAR race in Richmond, earning $6265. In 2006, Dale Earnhardt, Jr., won the race, earning $239,166. The CPI index was 52.5 in 1975 and 198.7 in 2006 (base year = 1982-1984 )
Calculate the real earnings (based on base year 1982-1984 ) of both Petty and Earnhardt.
Jaxon borrows $10,000 from a bank and withdraws $20,000 from his personal savings to open a tattoo parlor. The interest rate is 3 percent for both the bank loan and his personal savings. Jaxon also quit his job as a waiter, which paid $20,000 . According to an economist, Jaxon's opportunity cost of opening the tattoo parlor equals $20,900
a. True b. False Indicate whether the statement is true or false
Combinations of goods outside the production possibilities curve (PPC) have which of the following characteristics?
a. They are only attainable today if we employ all unemployed or underemployed resources. b. None of the answers is correct. c. They imply that some resources, such as labor, are unemployed or underemployed. d. They are not attainable given our existing stock of resources and technology.
The "crowding-out" debate refers to the disagreement between Keynesians and conservative economists about whether
A. spending for national defense causes reductions in the spending for social welfare. B. government contracts with suppliers of military weapons results in unfair competition with non-defense related industries. C. increased government borrowing has an adverse effect on private investment spending. D. restrictive monetary policy makes expansionary fiscal policy ineffective.