The diamond/water paradox helps to illustrate the concept of marginal value.
Answer the following statement true (T) or false (F)
True
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High inflation makes money ________ because ________
A) function better as a store of value; it leads to a more accurate allocation of resources B) function less well as a store of value; the money loses value and therefore has less purchasing power C) function better as a store of value; the money gains value and therefore has greater purchasing power D) function better as a unit of account; money never loses value but it does gain purchasing power in some regions E) function less well as a store of value; it decreases the price level and increases the buying power of money
By 1937, when a new recession began in the midst of the Great Depression,
A) GDP had almost recovered to its 1929 level, but unemployment was still above the 1929 level. B) unemployment had almost fallen back to its 1929 level, but GDP had yet to recover to its 1929 level. C) neither GDP nor unemployment had returned to near their 1929 levels. D) both GDP and unemployment had returned to near their 1929 levels.
Full employment is defined as operating where there is no frictional unemployment
Indicate whether the statement is true or false
The Samuelson and Solow Phillips curve suggested a(n) __________ relationship between the rate of change in __________ and the unemployment rate
A) direct; real wage rates B) inverse; money wage rates C) inverse; prices D) direct; prices E) none of the above