When family incomes are ranked from lowest to highest, the middle income is known as the
a. median income
b. mean income
c. means-tested income
d. official poverty level
e. transfer income
A
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If the average propensity to consume is 0.8, then the average propensity to save is
A) 0. B) 0.2. C) 0.8. D) 1.
In the short run, an increase in the growth rate of the quantity of money ________ the nominal interest rate and in the long run it ________ the nominal interest rate
A) lowers; lowers B) raises; lowers C) lowers; raises D) raises; raises E) does not change; raises
In a recession, typically
A) unemployment rises. B) the employment-to-population ratio decreases. C) the employment-to-population rate rises. D) the labour force participation rate rises. E) both A and B are correct.
Long-run increases in living standards, as measured by real GDP per person, are primarily the result of increases in:
A. government budget surpluses. B. the money supply. C. population. D. average labor productivity.