The belief that everyone should have exactly the same amount of income is
A) merit standard.
B) comparable-worth doctrine.
C) egalitarian principle.
D) Lorenz principle.
Answer: C
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Suppose that residents of France have seen their real wage rate increase over time. This means that
A) French workers' inflation rate has increased over time. B) French workers have increased their average hours of labor over time. C) French workers have received increases in their nominal wage rate over time. D) French workers have increased buying power. E) the CPI must have decreased over time.
The Fed would engage in ____ it wanted to address an inflationary gap
a. expansionary monetary policy b. contractionary monetary policy c. contractionary fiscal policy d. expansionary fiscal policy
In an hour April can solder 50 connections or inspect 20 parts while Austin can solder 25 connections or inspect 20 parts in an hour.
A. April has a comparative advantage over Austin in soldering while Austin has a comparative advantage in inspecting. B. Austin has a comparative advantage over April in soldering while April has a comparative advantage in inspecting. C. Austin had a comparative advantage over April in both soldering and inspecting. D. April has a comparative advantage over Austin in both soldering and inspecting.
The J curve implies that a real depreciation will cause
A. the nominal exchange rate to depreciate in the short run and appreciate in the long run. B. net exports to fall in the short run and rise in the long run. C. net exports to rise in the short run and fall in the long run. D. the nominal exchange rate to appreciate in the short run and depreciate in the long run.