In the United States there is evidence of:
A. increasing was equality.
B. a decline in real wages.
C. a decrease in the proportion of the population over the age of 16 that is employed.
D. increasing wage inequality.
Answer: D
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A year-long drought that destroys most of the summer's crops would be considered a:
A. short-run supply shock. B. long-run demand shock. C. long-run supply shock. D. short-run demand shock.
Which of the following monetary policy tools was introduced in 2008?
A. The discount rate. B. The federal funds rate. C. Open-market operations. D. Interest on reserves held at the Fed.
A production possibilities frontier (PPF) is bowed outward when
a) the more resources the economy uses to produce one good, the fewer resources it has available to produce the other good. b) an economy is self-sufficient instead of interdependent and engaged in trade c) the rate of tradeoff between the two goods being produced is constant d) the rate of tradeoff between the two goods being produced depends on how much of each good is being produced
In the short-run, nominal wages are sticky due to the existence of both formal and informal agreements. This means that wages decrease slowly in the presence of low unemployment, and increase slowly in the presence of high unemployment.
Indicate whether the statement is true or false.