In February 2013, the supply of money (M1) in the United States was about:
A. $1,112 billion.
B. $2,472 billion.
C. $1,359 billion.
D. $10,412 billion.
B. $2,472 billion.
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Suppose purchasing power parity holds. If in 1997 the price level in the United States is 100, the price level in Japan is 10,000, and the nominal exchange rate is 100 yen per dollar, while in 1998 the price level in Japan rises to 10,500 and the
nominal exchange rate rises to 105, then the price level in the United States in 1998 must be A) 95. B) 100. C) 105. D) 110.25.
A positively sloped long run average cost implies:
a. economies of scale. b. constant returns to scale. c. diseconomies of scale. d. diminishing marginal returns to a factor. e. increasing returns to scale.
Fiscal policy is most effective in influencing aggregate demand
A. under a fixed exchange-rate system without sterilization. B. under a floating exchange-rate system with a high degree of capital mobility. C. under a floating exchange-rate system with a low degree of capital mobility. D. under a fixed exchange-rate system with sterilization.
Refer to the above table. What does the marginal physical product equal when the amount of labor goes from 11 to 12 units?
A. 10 B. 9 C. 60 D. 69