In which decade did the U.S. federal government first establish a system of agricultural price supports?
A) 1990s
B) 1970s
C) 1950s
D) 1930s
Answer: D
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If a recession in the United Kingdom causes a reduction in British imports and an economic boom in the United States causes an increase in U.S. imports, these events will most likely cause the British pound to ________ and the U.S. dollar to ________.
A. depreciate; depreciate B. appreciate; depreciate C. depreciate; appreciate D. appreciate; appreciate
Which of the following statements about the nominal and the real wage rates is correct?
A) The nominal wage rate equals the real wage rate divided by the CPI and then multiplied by 100. B) The nominal wage rate is measured in the dollars of a base year. C) The real wage rate is measured in current year dollars. D) The real wage rate indicates how many goods and services can be purchased with an hour's labor. E) The real wage rate equals the nominal wage rate multiplied by the CPI then divided by 100.
If prices rise on average in the U.S. economy, the purchasing power of a dollar declines
Indicate whether the statement is true or false
What do Keynesian economists believe that the expenditure multiplier is?
a. Less than one b. Equal to one c. Greater than one d. Can be greater or less than one