Appendix: Research suggests that an auction for a private value item will yield the HIGHEST payout if:
a. we use a Dutch auction
b. we use an English auction
c. we use only cash, and not allow credit cards
d. use a fixed price
a
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A primary difference between the original and New Keynesian approaches is that in the original model nominal wages are ________, while for the New Keynesians nominal wages are ________
A) perfectly flexible, slow to adjust B) slow to adjust, perfectly flexible C) fixed, slow to adjust D) slow to adjust, fixed
A central bank pledges to reduce the inflation rate from 10% to 3%. People reduce their inflation expectations to 5%, but the central bank reduces inflation to 3%. What happens to the unemployment rate?
Suppose that the price of peanut butter is $3 per pound and the price of almond butter is $5 per pound. If the price of peanut butter rises to $3.60 and the price of almond butter rises to $5.50, then the absolute price of peanut butter has _______________ and the relative price of peanut butter has _______________
A) risen; fallen B) fallen; risen C) risen; risen D) fallen; fallen
Suppose the Federal Reserve raised the required reserve rate. This would lead to an increase in _____.
a. interest rates b. inflation c. deficits d. aggregate demand