A compensating differential refers to a difference in wages that arises from nonmonetary characteristics
a. True
b. False
Indicate whether the statement is true or false
True
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Money in the U.S. is essentially debt of
A. the national and local governments. B. businesses and the banks. C. the Federal Reserve System and the banks. D. businesses and the Federal Reserve System.
A person who purchased a house with a small down payment just before an unanticipated inflation hits has ________ from the decision to be in debt, and has ________ by having an asset in the form of a house
A) benefited, benefited again B) benefited, been hurt C) been hurt, benefited D) been hurt, been hurt again
A business cycle trough is a
A) small positive deviation from trend in real GDP. B) relatively large positive deviation from trend in real GDP. C) small negative deviation from trend in real GDP. D) relatively large negative deviation from trend in real GDP.
According the AS/AD model, in the long run, expansionary monetary policy will
a. increase both real GDP and the price level. b. decrease both real GDP and the price level. c. decrease the price level and leave real GDP unchanged. d. increase the price level and leave real GDP unchanged. e. increase real GDP and reduce the price level.