If the U.S. real exchange rate with Japan is greater than 1, then U.S. goods are relatively cheap
a. True
b. False
Indicate whether the statement is true or false
False
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If the tax multiplier is -1.5 and a $200 billion tax increase is implemented, what is the change in GDP, holding everything else constant? (Assume the price level stays constant.)
A) a $133.33 billion increase in GDP B) a $133.33 billion decrease in GDP C) a $30 billion increase in GDP D) a $300 billion decrease in GDP E) a $300 billion increase in GDP
Sally Campbell is a homemaker. Last week, she was busy with her normal household chores when she was visited by the BLS and asked to describe her working status. She explained what she did and the BLS recorded her as being
a. a member of the labor force who is temporarily unemployed b. a member of the labor force who chooses not to be employed c. a member of the labor force who is underemployed d. a discouraged worker who is not a member of the labor force e. not a member of the labor force
Which of the following moves the wage above its equilibrium value?
a. both compensating differentials and efficiency wages b. compensating differentials but not efficiency wages c. efficiency wages but not compensating differentials d. neither compensating differentials nor efficiency wages
Charlie will purchase 10 percent more cans of Coke if the price of a can of Coke falls by 5 percent. Charlie's price elasticity of demand for cans of Coke is:
A. 1/2. B. 5. C. 10. D. 2.