Since the minimum wage rate began it has typically stayed at about what percentage of the average manufacturing wage?
A) 10-20%
B) 20-30%
C) 40-50%
D) 75-80%
C
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Which of the following statements best describes a price ceiling?
(a) The maximum price that consumers will pay for a product/service. (b) A price ceiling will cause an excess demand for a good/service. (c) A price lower than the market equilibrium price. (d) All of the above.
Suppose that in 2020 the average citizen's federal tax bill is $14,888 per person, and total federal spending is $13,997 per person. In 2020, the federal government will have
a. a per person budget surplus of $891. b. a per person budget deficit of $891. c. horizontal equity. d. vertical equity.
Use the following table to answer the next question. The money supply and investment are in billions.Money Supply (billions of dollars)Interest RateInvestment (billions of dollars)$507%$100606110705120804130903140Assume that the MPC is 0.8 and the reserve requirement is 0.1. If the Federal Reserve needs to increase aggregate demand by $100 billion at each price level to move the economy back to full employment and the current interest rate is 7%, then the Federal Reserve should ________ the money supply by ________.
A. increase, $20 billion B. decrease, $10 billion C. decrease, $20 billion D. increase, $10 billion
Starting from long-run equilibrium, a large increase in government purchases will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. expansionary; higher; potential B. recessionary; higher; potential C. recessionary; lower; lower D. expansionary; higher; higher