By 1860, over one-half of all Southern farms utilized slave labor
Indicate whether the statement is true or false
False
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Suppose the Social Security Administration would like to guarantee the purchasing power of social security payments to the elderly does not diminish
That is, the real value of the payments does not decrease. The CPI in 1990 was 130.7 and the CPI in 1998 was 163.0. How much does the Social Security Administration need to increase payments from 1990 to 1998 to accomplish this objective?
Licensing laws
a. are illegal in most industries b. serve to increase wage rates in some industries c. lead to higher employment levels in some industries d. reduce the quality of labor in a particular market e. are rarely effective at increasing wage rates
If unemployment is above the natural rate of unemployment, then potential GDP is:
. Equal to the GDP gap b. Greater than actual GDP c. Less than actual GDP d. Equal to actual GDP
The vertical portion of the aggregate supply curve shows that at full employment an increase in the price level will:
A. not alter the economy's full-employment real GDP. B. increase the economy's full-employment real GDP. C. reduce the quantity of goods and services purchasers will demand. D. improve the overall efficiency of resource use.