According to the text, the growth of service sector employment in the US has contributed to
a. higher unemployment rates in the postwar period.
b. a slowdown in the growth of real wages during the postwar period.
c. reduced economic stability in the postwar period.
d. an increase in the power and membership of unions.
e. All of the above.
b. a slowdown in the growth of real wages during the postwar period.
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Suppose a bank has $10 million in deposits with no excess reserves, and the reserve requirement is 20%. If the Fed reduces the reserve requirement to 5%, the bank can make a maximum loan of
A) $0. B) $0.5 million. C) $1.5 million. D) $2 million.
In a simple Keynesian model, an increase in income leads to an increase in
A) savings. B) investment. C) the price level. D) the money supply.
Suppose that the Fed announces a low-money-growth policy to control inflation and workers sign low-wage contracts as a result. If instead, the Fed had implemented a high-money-growth policy, which of the following would not occur?
a. The unemployment rate would increase. b. The Fed's stated policy would be time inconsistent. c. The unemployment rate would be less than the natural rate. d. The Fed would not achieve credibility through its actions. e. The rate of inflation would be higher than expected.
According to the graph shown, the profits at point A are:
A. higher than those at point B. B. the same as those at point B. C. higher than those at point C. D. lower than those at point B.