In a particular country in 2008, the average worker had to work 40 hours to produce 100 units of output. In that same country in 2018, the average worker needed to work 35 hours to produce 94.5 units of output. In that country, the productivity of the average worker
a. increased by 2 percent between 2008 and 2018.
b. increased by 8 percent between 2008 and 2018.
c. remained unchanged between 2008 and 2018.
d. decreased by 2 percent between 2008 and 2018.
b
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A major reason for the existence of financial intermediaries is
A) transactions costs that would be incurred without their existence. B) the fees charged by dealers and brokers in direct finance are so high. C) the problem of symmetric information. D) to assist borrowers in buying securities in financial markets.
The endogenous variable in the liquidity preference function is ________
A) demand for real money balances B) the nominal interest rate C) real income D) the price level E) none of the above
The increased level of excess reserves that many banks held in 2008 made traditional monetary policy less effective
a. True b. False Indicate whether the statement is true or false
Explain why policy lags could make stabilization policies counterproductive