An individual's annual salary is her
A) money.
B) income.
C) wealth.
D) liabilities.
B
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If average cost is positive
A) marginal cost equals average cost. B) marginal cost exceeds average cost. C) marginal cost is less average cost. D) Not enough information is given.
Departures from stationarity
A) jeopardize forecasts and inference based on time series regression. B) occur often in cross-sectional data. C) can be made to have less severe consequences by using log-log specifications. D) cannot be fixed.
During the economic downturn of 2008-2009, the Federal Reserve
a. used open-market operations to purchase mortgages and corporate debt, just as it frequently does even when the economy is functioning normally. b. took the unusual step of using open-market operations to purchase mortgages and corporate debt. c. explicitly set its target rate of inflation at zero. d. explicitly set its target rate of inflation well above zero.
Figure 18-2
In , which of the following would cause the American demand for foreign exchange (pounds) to shift from D1 to D2?
a.
an increase in the U.S. real interest rate
b.
higher inflation in Britain than in the United States
c.
higher income growth in Britain than in the United States
d.
an increased level of vacation travel to Britain by Americans