If the wage rate is fixed at a certain level, the:
a. total wage cost curve is horizontal.
b. total wage cost curve is a straight upward sloping line.
c. MP must be constant.
d. total wage cost curve will increase at an increasing rate.
e. total wage cost curve will increase at a decreasing rate.
b
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Which of the following fiscal programs is least likely to affect aggregate demand?
a. Defense spending b. Road construction c. Grants for scientific research and development d. Social Security for women e. Government purchases of labor
A country's current national savings and investment identity is expressed in algebraic terms as (M – X) = I – S – (T – G). In this instance,
a. domestic investment is higher than domestic savings. b. domestic savings exceed domestic investment. c. the country is experiencing a trade surplus. d. government savings are excluded.