Is the image of the typical American worker as a blue-collar worker true? Substantiate your answer with facts.
What will be an ideal response?
The so-called Homer Simpson image of the typical American worker as a blue-collar worker is really quite misleading. The majority of American workers,like workers in all developed countries, produce services, not goods. Based on data from 2016, over 70 percent of all nonfarm workers in the United States were employed by private service industries, whereas only 14 percent produced goods. And of these, manufacturing companies in the United States employed only 12 million people, with nearly a third of these workers in offices rather than on the floor of a factory.
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Suppose the economy was initially in a long-run equilibrium. Then the world economy expands so that foreign incomes rise. U.S. aggregate demand ________ and eventually the money wage rate ________
A) increases; rises B) increases; falls C) decreases; rises D) decreases; falls
Which of the following is the chief link between the U.S. federal budget deficit and the U.S. trade deficit during the 1980s?
a. High U.S. interest rates led to a rise in the relative value of the dollar b. High U.S. interest rates led to a decrease in the relative value of the dollar. c. Higher interest rates resulted in the crowding out of some private investment, reducing the stimulating effect of the government's deficit. d. The U.S. price level declined relative to that of foreign countries, causing U.S. interest rates to fall. e. The additional fiscal stimulus provided by a higher government deficit encouraged some firms to invest more.
Two types of asymmetric information that create problems for international investment are
A. adverse selection and moral selection. B. adverse hazard and moral selection. C. adverse selection and moral hazard. D. adverse hazard and moral hazard.
In the United States, the money supply (M1) is comprised of:
A. coins, paper currency, and checkable deposits. B. currency, checkable deposits, and Series E bonds. C. coins, paper currency, checkable deposits, and credit balances with brokers. D. paper currency, coins, gold certificates, and time deposits.