The 1990s and 1920s have which of the following in common?
(a) Growth in real output, real output per person, employment and productivity
(b) Changes in the levels of nominal output, money supply and participation in the
stock market
(c) Similar expansions in the stock markets at the end of each period
(d) All of the above
(d)
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Use the following table to illustrate the importance of macroeconomic policy coordination
Show that the two governments would have been happier if the two of them had adopted looser monetary policies, but given the policies that the other government did adopt, it is not in the interest of any individual government to change its course. Assume that each country wishes to get the biggest reduction in inflation rate at the lowest cost in terms of unemployment. This means that each country maximizes-??/?U, the inflation reduction per point of increased unemployment.
All of the following tends to occur when unemployment is above the natural rate EXCEPT:
A) wage increases will be limited B) inflation will rise C) increases in the cost of production will be limited D) there is slack in the labor market
Competition results in the efficient product mix because
A) producers are setting MRT equal to minus the price ratio while consumers are setting MRS equal to minus the price ratio ensuring that MRT will equal MRS. B) consumers are on the contract curve. C) the slope of the production possibility frontier will equal the slope of the contract curve. D) the distribution of the final output is Pareto efficient.
Which of the following is not one of the four major sectors of the economy to which GDP is allocated?
a. consumer b. investment c. agriculture d. government