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
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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.
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
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)
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.