The key to sustained economic growth is increasing labor productivity
Indicate whether the statement is true or false
TRUE
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The figure above illustrates a rental housing market in which there is a rent ceiling of $400 a month. The rent ceiling is strictly enforced. The number of apartments rented is
A) less than 2 thousand. B) 2 thousand. C) 3 thousand. D) 4 thousand.
Answer the following statements true (T) or false (F)
1. If the marginal propensity to consume were four-fifths, the size of the multiplier would be 5. 2. The multiplier is the reciprocal of the marginal propensity to consume. 3. The multiplier is the relationship between the initial change in aggregate expenditure and the resulting change in income. 4. The higher the propensity to save, the larger the size of the multiplier. 5. If planned investment increases by $20 billion, other things remaining the same, planned saving eventually will increase by $20 billion, regardless of the size of the multiplier.
An example of nondiscretionary fiscal policy would be
A. a federal jobs program adopted to stimulate consumption. B. a tax cut adopted to stimulate consumption. C. an interest rate cut implemented to stimulate consumption. D. the operation of the welfare state.
Most economists agree that government efforts in economic development must be:
A. Employed to substitute for private efforts B. Designed to support private efforts C. The sole driver of economic development D. Kept at a minimum because we can always rely on markets