In the above figure suppose a minimum wage of $8 per hour is imposed. As a result, the quantity of labor supplied is ________ hours and the quantity of labor demanded is ________ hours
A) 3,000; 4,000
B) 4,000; 4,000
C) 2,000; 4,000
D) 4,000; 2,000
D
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Starting from long-run equilibrium, a large tax cut will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; higher B. expansionary; higher; potential C. recessionary; higher; potential D. recessionary; lower; lower
A macroeconomist would concentrate on which of the following issues?
a. the price of pizzas b. the profits of the IBM Corporation c. the unemployment rate in Germany d. the market for hot dogs
Fiscal policy works principally through shifts of the aggregate demand curve.
Answer the following statement true (T) or false (F)
For this question, assume that investment spending depends only on output and no longer depends on the interest rate. Given this information, an increase in the money supply
A) will cause investment to decrease. B) will cause investment to increase. C) will cause a reduction in the interest rate. D) will have no effect on output or the interest rate. E) will cause an increase in output and have no effect on the interest rate.