In economics, the word "aggregate" refers to
A. an economy as a whole.
B. the government.
C. how individual households differ from each other.
D. the public sector itself.
Answer: A
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Janelle earned a salary of $62,000 in 2004 and $80,000 in 2014 . The consumer price index was 126 in 2004 and 170 in 2014 . Janelle's 2004 salary in 2014 dollars is
a. $45,953. b. $89,280. c. $107,953. d. $83,651.
Exhibit 10-3 Aggregate supply and demand curves
In Exhibit 10-3, the change in equilibrium from E1 to E2 represents:
A. deflation. B. demand-pull inflation. C. price-push inflation. D. cost-push inflation.
Comparing how many dollars it takes to attend college each year to annual earnings on a job represents the use of money as a:
A. medium of exchange. B. unit of account. C. store of value. D. store of coincidence.
The dual nature of financial markets in developing countries-traditional and modern-implies that central banks in developing countries:
A. find it more difficult to conduct monetary policy than central banks in developed economies. B. find it easier to conduct monetary policy than central banks in developed economies. C. have effectively no role to play in the conduct of monetary policy. D. play essentially the same role as they do in developed economies.