Which of the following is the primary source of cross-country differences in the real earnings of workers?
a. differences in natural resource endowments
b. differences in output per worker
c. differences in the average number of hours worked
d. differences in the share of workers that are members of a labor union
e. access to modern technology
B
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A completely and accurately anticipated expansionary monetary policy will increase real output in the short run but not in the long run
a. True b. False Indicate whether the statement is true or false
The economy is in macroequilibrium at the national income level where the aggregate expenditure curve intersects the 45-degree line
Indicate whether the statement is true or false
If there is always a three-for-one tradeoff between goods X and Y, then the PPF between X and Y is
A) a downward-sloping curve that is bowed outward. B) a downward-sloping curve that is bowed inward. C) a downward-sloping straight line. D) an upward-sloping straight line.
According to the rational expectationists
A. even if there were a recession or substantial inflation, the best government policy would be to do nothing. B. the dramatic oil price shocks of 1973 and 1979 created declines in aggregate supply, lowering the natural level of real GDP. C. the prime economic mover is aggregate supply, not aggregate demand. D. All of the choices/statements are true.