Which of the following sequence of events follows an open market purchase by the Fed?
A. r? ? I? ? AE? ? Y?
B. r? ? I? ? AE? ? Y?
C. r? ? I? ? AE? ? Y?
D. r? ? I? ? AE? ? Y?
Answer: B
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Suppose an economy has the following characteristics: 100 people in the noninstitutional population; 40 people employed; 50 people not in the labor force. What's the unemployment rate?
A) 10 percent B) 15 percent C) 20 percent D) 40 percent E) 50 percent
What two growth rates comprise of the growth rate of potential GDP?
A. Capital gains and investment B. Money and prices C. Labor input and hours worked D. Government spending and net exports
Which of the following correctly defines inflation?
a. An increase in the price of a particular good or service. b. An increase in the general (average) price level of goods and services in the economy. c. The growth rate in real GDP. d. None of the above.
Answer the following statement true (T) or false (F)
1) According to behavioral economists, self-control problems generally result from poor information. 2) Precommitments must impose costs on people to be effective. 3) Precommitments are a tool designed to overcome time inconsistency. 4) Behavioral economists avoid dealing with fairness concerns because the concept is too subjective.