A person's real wage will fall if the nominal wage falls, the price level rises, or both
Indicate whether the statement is true or false
True
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Which of the following are considered money?
i. electronic checks ii. paper checks iii. the deposit transferred using an e-check A) ii and iii B) iii only C) i, ii and iii D) i and iii E) i and ii
In practice, the Federal Reserve keeps the discount rate close to the ________ rate in order to avoid large swings in borrowed reserves by banks
A) inflation B) prime C) six-month Treasury bill D) federal funds
When the plans of buyers and sellers are fully coordinated
A) the market clears. B) there is neither a shortage nor surplus of a good. C) quantity demanded equals quantity supplied. D) all of the above are true.
Economic profit is the difference between total revenue and
A) the normal profit. B) interest costs of production. C) opportunity costs of production. D) the costs of resources bought in markets.