The Lucas Wedge is estimated to
A) total over $406,000 per person as a result of the slowdown in the growth rate of real GDP.
B) be positive in some years and negative in others.
C) be about 2 percent of real GDP per year.
D) be negative due to the severe recession in 2008-2009.
E) have reached about $13,000 per person in the last year.
A
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Changes in expenditures and taxes that occur through automatic stabilizers
A) shift the aggregate demand curve to the right in the event of an economic expansion. B) shift the aggregate demand curve to the left in the event of an economic contraction. C) do not shift the aggregate demand curve. D) cause a movement up along the aggregate demand curve the event of an economic expansion and a movement down along the aggregate demand curve the event of an economic contraction.
At the end of the populist cycle, workers are better off than they were before the populist cycle began in terms of real wages and job creation
Indicate whether the statement is true or false