Stagflation refers to
A) a reduction in inflation.
B) a simultaneous reduction in inflation and reduction in unemployment.
C) a liquidity trap.
D) reduction in the price level and a reduction in the unemployment rate.
E) none of the above
E
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Increased labor demand will result in
A) lower wages. B) more employment benefits. C) higher wages. D) no change in wages.
The following Cobb-Douglas production function, Q = 1.8L0.74K0.36, exhibits
A) increasing returns. B) constant returns. C) decreasing returns. D) Both A and B
Holding money as a medium of exchange to purchase goods and services and make payments is known as the
A) spending demand for money. B) transactions demand for money. C) precautionary demand for money. D) asset demand for money.
Congress intended that
a. the entire FICA tax be paid by workers. b. the entire FICA tax be paid by firms. c. one-quarter of the FICA tax be paid by workers, and three-quarters be paid by firms. d. half the FICA tax be paid by workers, and half be paid by firms.