In 2013, interest payments were about ____ percent of national income
a. 0.51/2
b. 1.29
c. 3.2
d. 4.0
c
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We think about the cost of supplying labor as the:
A. opportunity cost of the individual's time. B. input costs that go into producing a unit of labor. C. average wage in the labor market. D. the additional equipment and training that is required when hiring a person.
The effects of unionization on wages in the sectors of the economy that are unionized causes the supply of labor in other sectors of the economy to
a. decrease, raising wages in industries that are not unionized. b. decrease, reducing wages in industries that are not unionized. c. increase, raising wages in industries that are not unionized. d. increase, reducing wages in industries that are not unionized.
Suppose the economy is currently experiencing 6% inflation per year. If the Fed wants to reduce inflation to 2% and the sacrifice ratio is 5, then how much annual output must be sacrificed in the transition?
a. 5% b. 10% c. 15% d. 20%
The self-correcting tendency of the economy means that rising inflation eventually eliminates:
A. unemployment. B. exogenous spending. C. recessionary gaps. D. expansionary gaps.