If labor supply increases, the wage rate increases
a. True
b. False
B
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Unplanned inventories increase when
A) aggregate planned expenditure is less than GDP. B) actual aggregate expenditure is greater than aggregate planned expenditure. C) actual aggregate expenditure is equal to GDP. D) actual aggregate expenditure is less than GDP. E) real GDP is less than aggregate planned expenditure.
What are the three components of an interest rate?
Which of the following statements about inflation is correct?
a. Evidence from studies indicates that, in U.S. newspapers, inflation is mentioned less frequently than other economic terms, such as unemployment and productivity. b. People believe the inflation fallacy because they tend to believe too strongly in the principle of monetary neutrality. c. Nominal incomes are determined by nominal factors; they are not affected by real factors. d. Inflation does not in itself reduce people's real purchasing power.
When the production function is represented by Y = NA, labor productivity is represented by which of the following expressions?
A) 1/A B) NA C) A/Y D) Y/A E) none of the above