Answer the following questions true (T) or false (F)
1. The dynamic aggregate demand and aggregate supply model assumes that potential GDP increases over time.
2. Inflation is generally the result of total spending growing faster than total production.
3. One factor which brought on the recession of 2007-2009 was the end of the housing bubble.
1. TRUE
2. TRUE
3. TRUE
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One goal of political action committees is to
a. encourage people to become more active in politics b. engage in rent seeking c. help raise funds for government agencies d. evade taxes e. make it easier for legislators to accept the median voter model
List the productivity factors that may explain the differences in pay between men and women in similar occupations. Do any of these factors arise as a result of cultural or social traditions? If so, describe how changes in social relationships will affect the pay gap over time