Output per employed worker is called:
A. output per person.
B. average labor productivity.
C. average standard of living.
D. total output.
Answer: B
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The economy pictured in the figure has a(n) ________ gap with a short-run equilibrium combination of inflation and output indicated by point ________. 
A. recessionary; A B. recessionary; C C. recessionary; B D. expansionary; A
Mr. Pierpont has wealth of $200,000. He wants to keep at least $80,000 in bonds at all times, and will shift $10,000 into bonds from his checking account for each percentage point that the interest rate on bonds exceeds the interest rate on his
checking account. If the interest rate on checking accounts is 4% and the interest rate on bonds is 9%, how much does Mr. Pierpont keep in his checking account? A) $50,000 B) $70,000 C) $130,000 D) $150,000
When demand deposits increase, M1 and M2 increase
a. true b. false
Generally with bond ratings, the lower the rating, the ________ the interest rate an investor will receive and the ________ the the risk that the issuer of the bond will default
A) higher; higher B) higher; lower C) lower; higher D) lower; lower