Walmart, the largest employer in the United States, employs
A. Approximately 10 percent of the labor force.
B. Less than 1 percent of the labor force.
C. Approximately 2 percent of the labor force.
D. More than 15 percent of the labor force.
Answer: B
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The magnitude of the tax multiplier is smaller than the magnitude of the government expenditure multiplier because
A) a change in taxes does not change expenditures. B) an increase in taxes decreases expenditures. C) a decrease in government expenditure decreases tax revenue. D) a change in taxes does not change expenditures by as much as the same size change in government expenditure. E) a change in taxes creates additional induced taxes.
The figure above shows Clara's demand for CDs. The price for a CD is $15. Which statement is TRUE?
A) When Clara buys 6 CDs, she receives $15 of consumer surplus on her 6th CD. B) When Clara buys 6 CDs, she receives a total of $15 of consumer surplus. C) When Clara buys 6 CDs, she receives a total of $30 of consumer surplus. D) When Clara buys 6 CDs, she receives a total of $45 of consumer surplus.
If the Federal Reserve announces that its target for the federal funds rate is falling from 3 percent to 2.25 percent, how do you expect workers and firms to react?
A) As long as the Fed's announcement is credible, workers and firms will increase their consumption and investment spending, which will increase aggregate demand and inflation. B) As long as the Fed's announcement is credible, workers and firms will decrease their consumption and investment spending, which will decrease aggregate demand and inflation. C) Workers and firms will incorporate the decrease in interest rates into their expectations of inflation, and they will expect inflation to fall as a result of Fed's policy announcement. D) If the Fed's announcement is not credible, workers and firms will not expect inflation to rise so they will increase their consumption and investment spending, which will decrease aggregate demand and increase inflation.
A common approach that economists use to understand, explain and predict economic phenomena is to
A) form a theory or model. B) conduct experiments in a science lab. C) ask what people think. D) examine people's thought processes.