If it is a cultural norm to believe that "a busy person is an important person," then we would expect the labor:
A. supply in that culture to be relatively greater at any wage.
B. demand in that culture to be relatively greater at any wage.
C. supply in that culture to be relatively lower at any wage.
D. demand in that culture to be relatively lower at any wage.
A. supply in that culture to be relatively greater at any wage.
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If the Fed’s monetary policy causes a substantial decrease in interest rates, what is the most likely impact on velocity?
A. Velocity will decrease. B. Velocity will increase. C. Velocity will remain constant. D. Velocity is unrelated to interest rates.
The balance of payments ____________
a. is positive when the nation has a trade surplus b. is an itemized account of a nation's foreign economic transactions c. for some nations is positive and for others is negative but for the sum of all nations is zero d. is negative when the nation has a trade deficit e. can only be expanded when the government has foreign exchange reserves
When a country specializes in the production of a good that is relatively cheaper for it to produce than other goods, it is because of:
A) the foreign-trade multiplier. B) comparative advantage. C) nontariff barriers. D) absolute advantage.
An inflationary gap is the amount by which
A. the short-run equilibrium level of nominal GDP is above the short-run level of real GDP. B. total planned production exceeds total planned real expenditures in the long run. C. the short-run equilibrium level of nominal GDP is below the short-run level of real GDP. D. the short-run equilibrium level of real GDP is above the full-employment level of real GDP.