Procyclical policy:
What will be an ideal response?
fiscal policy in which taxes are lowered and expenditure is raised when the economy is strong, and the opposite is done when the economy is weak
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The best way to address differences in labor and environmental standards is through trade barriers
Indicate whether the statement is true or false
A nominal wage is: a. always equal to the legal minimum wage
b. the same as the efficiency wage. c. measured in terms of the amount of goods and services it can purchase. d. measured in current dollars rather than in constant dollars. e. measured in constant dollars rather than in current dollars.
During 2009 and 2010, the federal government financed approximately ______ percent of its spending through borrowing. (Fill in the blank)
a. 20 b. 30 c. 40 d. 60
Discuss the impact of unions on relative wages (that is, compare the wages of union workers with those of nonunion workers).
What will be an ideal response?