Historically, consumption spending in the United States has _____
Fill in the blank(s) with the appropriate word(s).
remained approximately constant as a percentage of income.
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Refer to Figure 17-2. Suppose the market price of bracelets falls to $2. What happens to the curve given in the diagram?
A) The curve shifts to the left. B) Nothing, because labor's productivity has not changed. C) There will be a movement along the curve. D) We cannot answer the question without knowing if Becca would want to hire more workers.
The VMP is the Value of Marginal Product.
A. True B. False C. Uncertain
The supporters of a proposal to increase marginal taxes on those earning over $100,000 a year say this change would generate $500 million in new tax revenues. A supply-side economist would argue that the actual revenue raised will be
A. less than $500 million because some people will respond by working less. B. more than $500 million because interest rates will also be affected. C. more than $500 million, because lower income people will work harder when they perceive the tax system to be fairer. D. exactly $500 million because there are no offsetting factors to a tax increase.
________ was the major system of exchange rate determination before 1914.
A. The gold standard B. The managed-floating system C. The freely-floating system D. The Bretton Woods system