The main proponent of the liberal view of poverty is
A. Charles Murray.
B. William Julius Wilson.
C. Nicholas Lemann.
D. David Rogers.
B. William Julius Wilson.
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In the aggregate expenditures model, we note that an increase in government purchases G and an increase in lump-sum taxes T of the same amount will have
A. essentially the same effect on equilibrium real GDP, both in magnitude and in direction. B. different effects on real GDP, with the change in G having a larger impact than the change in T. C. the same magnitudes of impact on equilibrium real GDP, though in opposite directions. D. different effects on real GDP, with the change in T having a larger impact than the change in G.
The LM curve automatically shifts to the left when the intersection point of the IS and LM curves occurs at a point
A) beyond full-employment income. B) in the liquidity trap. C) less than full-employment income. D) where planned saving is less than planned investment.
The following expressions describe a perfectly competitive labor market. The labor supply curve is:
SL = AE = $3.00 + $0.000375L. The marginal revenue product of labor curve is: MRPL = $13.00 - 0.000433L. a. Find the equilibrium wage in this labor market. Also, find the optimal number of labor hours worked per week. Let L represent the number of labor hours worked per week, and let W represent the hourly wage of workers. b. Determine the economic rent earned by labor in this situation.
Why is it more difficult for the Fed to control the money supply today than it was fifty years ago?
What will be an ideal response?