In 2009, over two-thirds of personal income received by U.S. households came from:
a. wages and salaries.
b. transfer payments.
c. dividends on stocks and bonds.
d. interest payments and rent.
a
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When a reduction in the price of a good allows a consumer to purchase more of all goods, this effect is called the:
a. income effect. b. substitution effect. c. elasticity effect. d. monetary effect.
Suppose the economy is in long-run equilibrium and the government decreases its expenditures. Which of the following helps explain the logic of why the economy moves back to long-run equilibrium?
a. as people revise their price-level expectations upward, firms and workers strike bargains for higher nominal wages. b. as people revise their price-level expectations upward, firms and workers strike bargains for lower nominal wages. c. as people revise their price-level expectations downward, firms and workers strike bargains for higher nominal wages. d. as people revise their price-level expectations downward, firms and workers strike bargains for lower nominal wages.