An unexpected increase in the demand for accountants will lead to
a. an increase in their earnings and an expansion in the future supply of accountants.
b. a decrease in the incentive of students to prepare for a career in accounting.
c. a reduction in the current earnings of accountants, followed by a reduction in the future supply of accountants.
d. a reduction in the employment of accountants but not their wage rates.
A
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When the government transfers resources to the poor in the form of a good or service, it is called:
A. an in-kind transfer. B. the Earned Income Tax Credit (EITC). C. Temporary Assistance to Needy Families (TANF). D. a regressive tax.
If Y = A × N × (75 + K/N), where K = 1000, N = 20, and A = 10, what happens if K doubles and N doubles?
A) Y is unchanged. B) Y increases by 50%. C) Y doubles. D) Y quadruples.
The aggregate demand curve shifts to the left when there is ________
A) autonomous tightening of monetary policy B) an increase in the nominal interest rate C) an increase in inflation D) all of the above E) none of the above
If total planned expenditures exceed real GDP, the economy will contract, causing production of goods and services to decrease and unplanned inventories to rise
a. True b. False Indicate whether the statement is true or false