Which of the following is NOT an obstacle to economic development?
A. lack of capital investment
B. a free market system
C. political instability
D. corruption
Answer: B
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Based on the figure below. Starting from long-run equilibrium at point C, a decrease in government spending that decreases aggregate demand from AD1 to AD will lead to a short-run equilibrium at__ creating _____gap.
A. B; no output B. D; an expansionary C. B; recessionary D. D; a recessionary
John Doe participates in a welfare program which pays him $6,000 dollars. He can work but he loses 50 cents of the welfare check for every dollar he earns over $5,000. How much wage income will he have to earn to escape poverty if the poverty line for him is $17,000 per year?
A. $17,000 B. $11,000 C. $12,000 D. $14,000
The AD curve can be shifted by:
A. both fiscal and monetary policy. B. monetary policy only. C. fiscal policy only. D. neither fiscal nor monetary policy.
If some of unemployed individuals became discouraged workers, which of the following would result?
a. The labor force would decrease and the unemployment rate would decrease. b. The labor force would decrease and the unemployment rate would remain the same. c. The labor force would increase and the unemployment rate would decrease. d. The labor force would decrease and the unemployment rate would increase. e. The labor force would increase and the unemployment rate would remain the same.