In which industry or sector of the economy is output least likely to be affected by the business cycle?
What will be an ideal response?
service industry
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A firm that wishes to maximize profits will continue to hire labor until the
A) real wage = MPL. B) nominal wage = MPL. C) nominal wage = the real wage. D) nominal wage = the price level.
For a tangible index of well-being, we can regard income as the only barometer necessary
Indicate whether the statement is true or false
If the marginal propensity to consume (MPC) is 0.75 and if policy makers wish to increase real GDP by $300 million to fight a recession, then by how much would taxes have to change?
a. -$30 million b. -$50 million c. -100 million d. -300 million
Mallory Trammell is a homemaker. Last week, she was busy with her normal household activities. How will she be classified by the Bureau of Labor Statistics?
What will be an ideal response?