What is the IS relation? Explain why IS curve is downward sloping
What will be an ideal response?
The IS relation shows the combinations of the interest rate and the level of output that are consistent with equilibrium in the goods market. An increase in the interest rate leads to a decline in output. Consequently, the IS curve is downward sloping.
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Differences in marginal revenue products are the most important factor in explaining wage differences. Other factors that explain wage differences include all but one of the following. Which factor does not help explain differences in wages?
A) discrimination B) labor unions C) compensating differentials D) cognitive differentials
Which of the following is a difference between the terms quantity supplied and supply?
a. The term quantity supplied refers to the total number of units of a good that sellers are willing and able to sell at a given price, while the term supply refers to how much of the good sellers are willing and able to sell at all prices. b. The term quantity supplied refers to how much of a good sellers are willing and able to sell at all prices, while the term supply refers to the total number of units of the good that sellers are willing and able to sell at a given price. c. The term quantity supplied refers to the total number of units of a good that is supplied within an economy, while the term supply refers to the total number of units of the good that is exported by the economy. d. The term quantity supplied refers to the total number of units of a good that is exported by an economy, while the term supply refers to the total number of units of the good that is supplied within the economy.
Which of the following nations experienced average rates of economic growth of less than 2 percent over the last 100 years or so?
a. Bangladesh b. Pakistan c. United Kingdom d. All of the above are correct.
In the U.S., the percentage of total population living in poverty fell significantly during which of the following periods?
A. 1959-1969 B. 1969-1979 C. 2001-2004 D. 2008-2011