In 2008, interest rates on Treasury securities fell even though most other interest rates were rising
a. True
b. False
Indicate whether the statement is true or false
True
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When the price of a good rises, the resulting change in quantity demanded due solely to the decline in your income's purchasing power is called the
a. Giffen-good phenomenon. b. law of demand. c. substitution effect. d. income effect.
As an economy recovers from a recession, the observed level of labor productivity tends to decline. Why?
A) The total product remains the same during the recovery, but the number of workers declines. B) The total product increases during the recovery, but the number of workers declines. C) The marginal product of labor declines as new workers enter the expanding work force. D) The marginal product of labor increases at a slower rate than the decline in employment.
In the long-run, the price level in the economy will change the same direction as aggregate demand
a. True b. False Indicate whether the statement is true or false
A tax imposed on imported goods is a:
A. Tariff. B. Nontariff barrier. C. Quota. D. Supply restriction.