Since 1970, exports, as a percent of world GDP, have
a. decreased but remain higher than 10 percent
b. increased
c. remained about the same
d. decreased to below 10 percent
e. exceeded 100 percent
B
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The ability of the Federal Reserve to use monetary policy to affect economic variables such as real GDP ultimately depends upon its ability to affect
A) nominal interest rates. B) foreign exchange rates. C) real interest rates. D) tax rates.
A profit center is
a. evaluated based on minimizing costs within the division b. evaluated based on maximizing costs within the division c. evaluated based on minimizing profits generated by the division d. evaluated based on maximizing profits generated by the division
When taxes increase, consumption
a. decreases as shown by a movement to the left along a given aggregate-demand curve.
b. decreases as shown by a shift of the aggregate demand curve to the left.
c. increases as shown by a movement to the right along a given aggregate-demand curve.
d. increases as shown by a shift of the aggregate demand curve to the right.
The relative-wage explanation for the existence of downwardly sticky wages emphasizes
A. employment contracts that stipulate workers' wages, usually for a period of one to three years. B. the contention that workers in one industry may be unwilling to accept a wage cut, unless they know that workers in other firms and industries are receiving similar cuts. C. the incentive that firms may have to hold wages above the market clearing rate. D. unspoken agreements between workers and firms that firms will not cut wages.