Transfer payments are subtracted from national income to get to personal income.
Answer the following statement true (T) or false (F)
False
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If government-assured medical and other benefits increase the labor costs, everything else remaining constant, then firms will tend to hire more of the other resources instead of labor
a. True b. False Indicate whether the statement is true or false
Potential output is the
a. maximum rate of output that can ever be achieved. b. highest rate of output that has ever been achieved in the past. c. maximum sustainable output level consistent with the economy's resource base and current institutions. d. the rate of output present when the general level of prices is unstable.
Which of the following require the depositor to commit to leaving their investment in the bank for a certain period of time in exchange for higher interest rates?
One News Wire article in the text has the title "Fed Cuts Key Interest Rate Half-Point to 1 Percent." Assuming the economy is in the upward sloping portion of the eclectic aggregate supply curve, what should happen to the price level and output as a result of the Fed's action, ceteris paribus?
A. The equilibrium price level and equilibrium output should both increase. B. The equilibrium price level should increase and equilibrium output should decrease. C. The equilibrium price level should decrease and equilibrium output should increase. D. The equilibrium price level and equilibrium output should both decrease.