The period from 2000 to 2010
A) was a period of high productivity growth.
B) was a period with negative productivity growth, because of the Great Recession.
C) was a period of zero productivity growth.
D) was a period of low productivity growth, almost as bad as the period 1970-1980.
D
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As a part of the tax cut package signed into law on December 17, 2010, the government reduced the employee portion of the payroll tax from 4% to 2% for 2011. According to the permanent-income hypothesis, households that smooth consumption will
A) use all of the extra income generated by this tax reduction for consumption during 2011. B) use a large portion of the extra income generated by this tax reduction for consumption during 2011. C) use most of the extra income generated by this tax reduction as saving during 2011. D) split the income evenly between consumption and saving during 2011, since the tax cut will expire after one year and consumption is smoothed.
Which of the following is not true about the demand curve for labor of a competitive firm? a. As the wage rate the firm pays decreases, the quantity of labor it demands (employs) increases
b. It shows how much labor the firm is willing to employ at different wage rates. c. It is identical to the marginal revenue product curve of labor. d. The wage rate exceeds the workers' opportunity costs. e. It is downward sloping.