Unlike minimum wage laws, wage subsidies
a. discourage firms from hiring the working poor.
b. cause unemployment.
c. help only wealthy workers.
d. raise the living standards of the working poor without creating unemployment.
d
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According to the above table, if real Gross Domestic Product (GDP) equals $30,000, what is the average propensity to consume?
A) 0.75 B) 0.67 C) 0.8 D) 0.87
Which of the following goods will have the most inelastic demand at any time?
a. jewelry b. Big Macs c. electricity d. pork chops
The "unit of account" function of money means it is the:
a. Asset people can use to accumulate wealth. b. Unit in terms of which everything is valued and the basis for establishing relative prices between goods and services. c. Barter value of a product for which a nation has a comparative advantage. d. Unit in terms of which people write contracts. e. Asset individuals get for goods and services and then use later to purchase other goods and services.
The calculators of a price index use a “bundle” or “basket” of representative goods and services. What tradeoff are they making in this calculation?
a. ethics for monetary gain b. logic for relevance c. accuracy for convenience d. tradition for innovation