Yasukichi Yasuba's research suggests that the decline in the U.S. fertility rate in the antebellum period was due to
a. rising land prices.
b. people marrying later in life.
c. rising manufacturing wages.
d. a high percentage of young males and a low percentage of young females in the population.
a. rising land prices.
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Everything else held constant, when output is ________ the natural rate level, wages will begin to ________, decreasing short-run aggregate supply
A) above; fall B) above; rise C) below; fall D) below; rise
Economic policies often have effects that their architects did not intend or anticipate
a. True b. False Indicate whether the statement is true or false
Figure 18-1
illustrates supply and demand for U.S. dollars and British pounds in the foreign exchange market. If the dollar price of pounds is $1.20, which of the following is true?
a.
There is an excess supply of pounds, and the dollar price of pounds will rise.
b.
There is an excess demand for pounds, and the dollar price of pounds will rise.
c.
There is an excess supply of pounds, and the dollar price of pounds will fall.
d.
There is an excess demand for pounds, and the dollar price of pounds will fall.
When unemployment is above the natural rate,
A. the inflation rate falls. B. inflation rises. C. nominal wages decrease. D. wage-price spirals occur.