The age-earning cycle usually begins
A) at relatively high income levels.
B) at relatively low income levels.
C) once a worker reaches 25 years of age.
D) only when a worker is employed full time.
Answer: B
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When a change in the price level causes a change in the purchasing power of currency, which then changes planned real expenditures at all income levels, it is called
A) the real-balance effect. B) the open-economy effect. C) the substitution effect. D) the interest rate effect.
Amanda is from Vermont and visiting California for the first time. At home, Amanda always goes jogging early in the morning because it's hottest in the early afternoon. Not knowing what to expect of the weather in California, she decides to go jogging in the early morning during her visit. This decision is an example of:
A. loss aversion. B. status quo bias. C. a heuristic. D. positive framing.
The prevailing view of globalization is that it brings
a. coercive powers which tend to have a negative effect on developed nations. b. both significant opportunities and dangers. c. mostly dangers such as economic competition and unemployment to developing nations. d. mostly economic opportunities to both developed and developing nations.
The reason that velocity increases when interest rates rise is
A. the Fed encourages banks to turn money in faster for recycling, which causes money to move faster. B. the opportunity cost of saving increases, so people hold smaller cash balances. C. home mortgage payments increase, so people write larger checks that reduces their checking account balances. D. the opportunity cost of holding money increases, so average money balances decrease.