________ policy focuses on the nation's money supply, while ________ policy aims at changing the underlying structures or institutions of the economy.
A. Monetary, fiscal
B. Monetary; structural
C. Fiscal, structural
D. Fiscal, monetary
Answer: B
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The economy's long-run AS curve assumes that wages and other resource prices ________.
A. are flexible upward but inflexible downward B. eventually rise and fall to match upward or downward changes in the price level C. rise and fall more rapidly than the price level D. are relatively inflexible both upward and downward
Your textbooks gives several examples of quasi experiments that were conducted. The following is not an example of a quasi experiment:
A) labor market effects of immigration. B) effects on civilian earnings of military service. C) the effect of cardiac catheterization. D) the effect of unemployment on the inflation rate.
Supposed that you are interested in estimating country-level maternal mortality rate (mmrt) based just on the gross domestic product per capita (gdppct) and literacy rate (lrt) and you find that countries that have unusually high (for the given levels of gdppc and lr) mmr in one period also have unusually high mmr in the next period. Which of the following assumption for time series analysis does not hold?
A. No perfect collinearity. B. Zero conditional mean. C. Homoskedasticity. D. No serial correlation.
What do you have to know to calculate the price elasticity of demand?
a. how much of the good was purchased at each of two different prices b. the price elasticity of supply c. how many firms supply the good d. the portion of income the typical consumer spends on the good