A marginally attached worker
i. does not have a job and has not looked for one in the last month.
ii. is available and willing to work.
iii. must work at least 1 hour per week.
A) i only B) ii and iii C) iii only D) i and ii E) ii only
D
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By adjusting its spending level, the government can try to achieve target employment and GDP levels through
a. countercyclical monetary policy b. buying bonds on the open market c. shifting the Phillips curve d. wage and price controls e. countercyclical fiscal policy
Equilibrium price is _____ and equilibrium quantity is ______ units.
A. $12; 20
B. $12; 30
C. $20; 20
D. $20; 30
As the price level in the economy increases, which of the following sequence of events occur?
a) M^d (increase) --> r (inc) --> I (inc) --> AE (dec) b) M^d (dec) --> r (inc) --> I (inc) --> AE (inc) c) M^d (inc) --> r (inc) --> I (dec) --> AE (dec) d) M^d (dec) --> r (inc) --> I (dec) --> AE (dec)
Which of the following is a reason that consumption depends on current income, and not just on total wealth?
A) Banks will not always lend money to those who want to consume more than their income. B) The anticipation of future financial distress makes some people reluctant to borrow. C) Low income people may prefer to postpone some consumption until later years, when their incomes are higher. D) all of the above E) none of the above