The three main crops of the nation from the end of the Civil War to the turn of the century (1900) were (1) ______, (2) __________; and (3) _________.
Fill in the blank(s) with the appropriate word(s).
cotton; wheat; corn
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The real interest rate
A) can never be negative. B) is approximately equal to the nominal interest rate plus the inflation rate. C) is approximately equal to the nominal interest rate minus the inflation rate. D) is positively related to the inflation rate.
For a monopolistically competitive firm
A) price equals marginal revenue at all levels of output. B) price is less than marginal revenue at all levels of output. C) price is greater than marginal revenue at all levels of output except for the first unit. D) the demand curve is perfectly inelastic and marginal revenue is zero.
Contractionary monetary policy _____ consumption and _____ investment spending.
a) increases; increases b) decreases; increases c) increases; decreases d) decreases; decreases
The expectations hypothesis assumes:
A. a high level of uncertainty regarding the future of long-term yields. B. securities of different maturities are not perfect substitutes for each other. C. investors know the yields on bonds today and form expectations of the yields on short-term bonds in future time periods. D. the risk premium increases with longer maturities.