Buyers in the market for used guitars are getting more pessimistic about the possibility of getting a good guitar. This will cause the price of used guitars to ________ and the percentage of good used guitars to ________.
A. increase; increase
B. increase; decrease
C. decrease; increase
D. decrease; decrease
Answer: D
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Refer to Figure 15.2. The economy is at full employment and the unemployment rate is at the natural rate at point
A) a. B) b. C) c D) d.
Suppose at the going wage rate of $20 per hour, firms can hire as many hours of janitorial services as they desire. If any firm tries to lower the wage rate to $19, it will not be able to hire any janitor
What does this indicate about the supply curve for janitorial services? A) Supply is relatively inelastic. B) Supply is perfectly elastic. C) Supply is unit-elastic. D) Supply is perfectly inelastic.
Nominal GDP is another term for
A) real GDP. B) inflation-adjusted GDP. C) constant-dollar GDP. D) current-dollar GDP.
In practice, the Bretton Woods system is best described as
A) an adjustable peg. B) a purely fixed exchange rate C) a gold exchange standard D) Both A and C