According to the second monetarist proposition, which of the following factors do not determine the level of real output in the long run?
a. The stock of capital goods
b. The size of the labor force
c. The quality of the labor force
d. The state of technology
e. The quantity of money
E
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If the real wage rate is such that the quantity of labor supplied is greater than the quantity of labor demanded
A) the economy is at full employment. B) actual real GDP will not equal potential GDP. C) job search decreases. D) labor resources are allocated efficiently.
If a bank has excess reserves of $4,000 and demand deposit liabilities of $100,000, and if the reserve requirement is 10 percent, then the bank has actual reserves of
A) $14,000. B) $19,000. C) $24,000. D) $29,000.
If oil is considered a non-renewable resource, than oil is a. an unlimited resource
b. a scarce resource. c. not a productive resource. d. has no opportunity cost.
The summary of the flows of goods, services, assets, and currency in and out of a country in a particular year is the
a. balance of income statement. b. balance of payments. c. balance of trade. d. trade deficit.