Related to the Economics in Practice on page 716: By 2001, the majority of the fishing fleet in the Indian state of Kerala had mobile phones. As a result of the introduction of mobile phone service to this fishing industry, profits ________ and consumer prices ________.
A. rose; rose
B. rose; fell
C. fell; rose
D. fell; fell
Answer: B
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The type of monetary policy regime that the Federal Reserve has followed From the 1980s up until the time Ben Bernanke became chair of the Federal Reserve in 2006 can best be described as
A) monetary targeting. B) inflation targeting. C) policy with an implicit nominal anchor. D) exchange-rate targeting.
A movement of the price index from 108 to 112 represents an improvement in the cost of living
a. True b. False Indicate whether the statement is true or false
An individual who possesses a specialized skill that is difficult to execute will
a. necessarily receive wages considerably higher than those who lack this skill. b. receive a wage determined by the number of other persons possessing this skill. c. receive a high wage only when this skill is in great demand relative to its supply. d. receive a wage rate that is lower than similarly productive individuals who lack this skill.
If households and firms expect higher rates of inflation, the ________ curve will shift ________.
A. SRAS; upward B. AD; until it becomes vertical C. SRAS; downward D. AD; rightward