The percentage of the population classified as poor in 2010 was approximately
a. 7 percent.
b. 15 percent.
c. 21 percent.
d. 25 percent.
b. 15 percent.
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A firm hires labor up to the point where the
A) real wage rate equals the nominal wage rate. B) real wage rate exceeds the nominal wage rate. C) additional hour of labor produces extra output that equals the real wage rate. D) additional hour of labor produces extra output that equals the nominal wage rate. E) firm can sell the extra output.
Banks in need of reserves can borrow from the Fed or in the federal funds market
a. True b. False Indicate whether the statement is true or false
If the central bank in a foreign country increases its interest rate, then the IS curve of the domestic economy will:
A) shift to the right. B) shift to the left. C) not shift at all. D) shift to the right because U.S. exports will decrease.
The unemployment rate in a town in which 65,400 persons are employed and 11,000 are unemployed equals:
A. 20.2 %. B. 16.8%. C. 14.4%. D. 11%.