Which of the following types of workers might have wages that change quickly?
A) union workers B) movie stars and rock stars
C) unskilled, low-wage workers D) employees of state and local governments
B
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Describe the vicious cycle of poverty. What are the consequences of this cycle?
What will be an ideal response?
Large deficits can retard economic growth.
Answer the following statement true (T) or false (F)
If an individual receives in-kind transfers from the government in the form of food stamps, public housing, and so on, his money income is
A) less than his total income. B) greater than his total income. C) the same as his total income. D) equal to his in-kind income plus his wages.
Refer to the graph below. Assume that the economy is in initial equilibrium where AD1 intersects ASLR1. If the economy experiences a change in technology that increases productivity and resources, then real-business-cycle theory would suggest that this macroeconomic instability would eventually produce a new equilibrium at point:
A. B
B. C
C. D
D. E