Which of the following is true of long-run consumption functions?
a. Autonomous consumption is equal to zero in the long-run.
b. The long run consumption functions are steeper than short run consumption functions.
c. The marginal propensity to consume for the long run consumption function is almost equal to zero.
d. The autonomous consumption is negative in long run consumption functions.
e. The long run consumption function is represented by a straight line parallel to the horizontal axis.
b
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A current concern about Social Security is that
A) funds set aside by past generations to pay benefits for future generations are growing too rapidly and may trigger inflation. B) promised benefit payouts are growing more rapidly than likely sources of revenues, indicating a future inability to keep the system operating. C) continued political bickering between the president and Congress could lead to an end to any funding of the program. D) the payroll taxes used to fund the program are being eliminated as part of an effort to generate employment increases, thus leaving the program bankrupt.
Restricting the supply of labor in order to increase the wage
a. is a tactic used by both craft and industrial unions b. is a tactic more likely to be used by the American Medical Association (AMA) than the United Auto Workers (UAW) c. is a tactic more likely to be used by the UAW than the AMA d. is a tactic used solely by professional groups such as lawyers e. has less effect on the wage than direct negotiation does
A college student who is enrolled in school full-time and not seeking employment is considered: a. out of the labor force
b. unemployable, and not counted in official statistics. c. employed in leisure. d. underemployed.
It is argued that a tariff may help promote employment in a single industry, but is not likely to help employment in general. Discuss
What will be an ideal response?