A primary objective of labor unions is to
A) secure equal pay for its members.
B) have equal power with their employer.
C) seek better pay and improved work conditions.
D) all of the above.
E) none of the above.
Answer: C
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The fact that output gaps will not last indefinitely, but will be closed by rising or falling inflation is the economy's:
A. income-expenditure multiplier. B. self-correcting property. C. short-run equilibrium property. D. long-run equilibrium property.
GDP is not a perfect measure of well-being; for example,
a. GDP incorporates a large number of non-market goods and services that are of little value to society. b. GDP places too much emphasis on the value of leisure. c. GDP fails to account for the quality of the environment. d. All of the above are correct.
Suppose a country's debt rises by 6% and its GDP rises by 5%. What happens to the debt-GDP ratio?
A) It rises if there is a budget deficit that period. B) It falls. C) It rises. D) There is insufficient information to answer the question.
Trading off capital goods for increasing amounts of consumer goods today will most likely result in
A. decreased long-term growth. B. increases in the quantity of consumer goods. C. decreased prices in consumer goods. D. increased long-term growth.