The Federal Reserve System is an independent body, so it does not require to report to Congress on its goals and money targets
a. True
b. False
Indicate whether the statement is true or false
False
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The monopsonist's labor supply curve is the same as the:
a. wage rate. b. marginal revenue product curve. c. marginal product curve. d. market labor demand curve. e. market labor supply curve.
If supply and demand both increase, the new equilibrium price will be ________ and the new equilibrium quantity will be ________.
A. higher; higher B. lower; uncertain C. lower; lower D. uncertain; higher
Given a consumption function of C = $25 + 0.75YD, the average propensity to consume equals 1 when disposable income equals
A. $75. B. $25. C. $100. D. -$300.
The payroll tax is regressive because
A. wages and salaries are a larger percentage of total income for those higher on the income scale. B. the elasticity of labor supply is close to zero. C. most of the tax does not apply to wages and salaries above $118,500. D. wealthy individuals have more deductions from the payroll tax.