Labor's share of national income is equal to ________

A) 1 - b
B) WN/PY
C) (W/P)/(Y/N)
D) All of the above


D

Economics

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The self-correcting property of the economy means that output gaps are eventually eliminated by:

A. increasing or decreasing potential output. B. government policy. C. decreasing inflation only. D. increasing or decreasing inflation.

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Which of the following is not a characteristic of cost-push inflation?

A. Falling unemployment B. Falling real output C. Automatically self-limiting D. Rising general price level

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A market economy provides solutions to almost all social ills such as poverty and environmental damage.

Answer the following statement true (T) or false (F)

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If the MPC is 0.8 and there are no crowding-out or accelerator effects, then an initial increase in aggregate demand of $120 billion will eventually shift the aggregate demand curve to the right by

a. $216 billion. b. $150 billion. c. $600 billion. d. $480 billion.

Economics