State and local government spending as a share of GDP has:
a. decreased from 12% in 1960 to about 8% in 2014
b. increased from 12% in 1960 to about 20% in 2014.
c. remained more or less stable at 12% between 1960 and 2014.
d. increased from 20% in 1960 to about 30% in 2014.
b
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Fixed cost increases when output rises
a. True b. False Indicate whether the statement is true or false
Mary is a waitress who, when tips are included, earns $15 per hour. Mary chooses to work 40 hours per week. Assume there are no taxes, so Mary earns $600 per week. A slowdown in the restaurant's business cuts Mary's hourly wage in half, to $7.50 per hour. To compensate Mary for the lost income, Mary's rich parents begin sending a gift of $300 per week.
(i) Design an indifference curve-budget line diagram illustrating this situation. (ii) Does Mary now choose to work more or fewer hours? Does Mary's consumption rise, fall, or remain unchanged? Is Mary now better off or worse off?
Resource prices will fall and short-run aggregate supply will increase if
a. current output exceeds the economy's full-employment level. b. current output is less than the economy's full-employment level. c. the actual rate of unemployment is less than the natural rate of unemployment. d. exports exceed imports.
"A reduction in gasoline prices caused the demand for gasoline to increase. The lower gas prices also led to an increase in demand for large cars, causing their prices to rise" This statement contains
What will be an ideal response?