Which of the following is most important if the living standards of people residing in a country are going to improve?
A. growth of population
B. growth of per capita GDP
C. growth of the money supply
D. growth of government expenditures as a share of GDP
Answer: B
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One common measure of the "standard of living" in a nation is ________.
A. real GDP B. population size C. the unemployment rate D. real GDP per capita
Data collected on the same observation unit at a number of points in time are called:
A) cross-section data. B) time series data. C) panel data. D) none of the above.
An increase in the nominal interest rate would
a. encourage people to hold smaller money balances. b. encourage people to hold larger money balances. c. force the Fed to reduce the money supply. d. cause the real interest rate to decline.
The difference in wages that results from nonmonetary characteristics of different jobs is called the