In the United States the CEOs of our largest companies earn over _____ times the earnings of their average employee.
Fill in the blank(s) with the appropriate word(s).
300 (or 300 - 400)
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Refer to the above figure. Other things being equal, if price is at P2, then we would expect
A) price to decline until an equilibrium is achieved at P0. B) consumers to reduce their offering price for the good. C) an excess quantity demanded to occur. D) consumers to bid against each other for goods and force the price still higher.
Consider a labor market that is initially in equilibrium. When the labor demand curve shifts to the left while the labor supply curve remains unchanged, the: a. equilibrium wage rate increases
b. price of the output that uses this labor resource increases. c. equilibrium number of workers hired increases. d. equilibrium wage rate falls.
The simple circular-flow diagram is a model that includes only some key players in the real economy. Which of the following key players are omitted from the simple circular-flow model?
a. households b. firms c. government d. markets for factors of production
If government purchases increase and as a result push current output above potential output, monetary policymakers are likely to:
A. purchase Treasury securities. B. raise the real interest rate. C. lower the real interest rate. D. keep the real interest rate constant and focus on only changing the nominal interest rate.