In 1960, national defense comprised about _____ of federal government expenditures
a. one quarter
b. one-third
c. one half
d. two-thirds
c
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A reserve requirement of 50 percent means a money multiplier of: a. 0.50. b. 2
c. 5. d. 50.
Labor costs usually increase at an increasing rate at high levels of output for all of the following reasons except
a. labor productivity begins to decline b. the marginal gains from specialization decrease c. the price of labor rises as more workers are hired d. the workers hired later may not be as qualified e. fuel costs begin to increase as more output is produced
Deflation occurs only when
A. all prices for all goods fall. B. some prices fall, but average prices still rise. C. the average price level increases but at a slower rate than before. D. the average price level (CPI) falls.
Labor contracts often fix wages for more than one year
a. True b. False Indicate whether the statement is true or false