At the personal income of $11.5 trillion (approximately equal to 2009 level), public saving s is predicted to be about ______________.
Fill in the blank(s) with the appropriate word(s).
$0.7 trillion or $70 billion
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Which of the following is an example of labor income?
A) Dividend received by shareholder B) Profit earned by an entrepreneur C) Rent paid to a landlord D) Bonus paid to a worker
The supply of money is determined by the Federal Reserve and is dependent on the demand for money
Indicate whether the statement is true or false
If a consumer is maximizing utility, she will purchase quantities of output to the point where the total utility per dollar spent on consumption is equal across all goods
a. True b. False Indicate whether the statement is true or false
The adaptive expectations theory suggests that:
a. the price level that people expect in the future is based on the behavior of prices in the past. b. the unemployment rate adapts immediately to the inflation rate. c. people have perfect foresight and always predict future price levels correctly. d. people use all current information available to formulate their inflation expectations. e. people react spontaneously to price level changes and do not consider any past or present information.