If two individuals work equally hard, their wages will be equal.
Indicate whether the statement is true or false.
Ans: False.
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In the four decades from 1860 to 1900, the U.S. population nearly tripled. Real Gross Domestic Product (GDP)
(a) fell by more than the amount by which the population increased. (b) fell by the same amount by which the population increased. (c) rose at about the same rate as the population increase. (d) increased by even more than the population increase.
Which of the following generalizations about the burden of an excise tax is correct?
a. The more inelastic the supply of a product, the larger the portion of an excise tax will be paid by buyers. b. The more inelastic the demand for a product, the larger the portion of an excise tax will be paid by buyers. c. The more elastic the supply of a product, the smaller the portion of an excise tax will be paid by buyers. d. The burden of an excise tax on a product is independent of the elasticity of the supply and demand for the product on which the tax is levied.
In the savings function S = -725 + 0.25y, 0.25 is the
A) MPS. B) slope of the consumption function. C) MPC. D) vertical intercept of the savings function.
In practice, money supply and short-term interest rates are determined by the
a. Treasury and Commerce departments. b. Federal Open Market Committee. c. Board of Governors. d. House and Senate.