Which of the following would tend to shift the production function upward?
a. an increase in the number of hours worked
b. an increase in population
c. an increase in the size of the labor force
d. an increase in the level of technology
d
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According to the Lucas critique, if past increases in the short-term interest rate have always been temporary, then
A) the term-structure relationship using past data will then show only a weak effect of changes in the short-term interest rate on the long-term rate. B) the term-structure relationship using past data will show no effect of changes in the short-term interest rate on the long-term rate. C) one cannot predict the term-structure relationship as it depends on expectations. D) the term-structure relationship using past data will nevertheless show a strong effect of changes in the short-term interest rate on the long-term rate because of a change in the way expectations are formed.
A key concern of monetary policy makers is credibility. In particular, that people believe that inflation will not deviate far from a rate consistent with a healthy macroeconomy. How might credibility affect the slope of the monetary policy curve?
What will be an ideal response?
Which firm has higher marginal costs?
a. Jim's Production b. Competitor's production c. They both have the same fixed costs d. Need more information
Consumption spending is:
A. negatively related to the overall price level. B. positively related to the overall price level. C. equal to the overall price level. D. not correlated with the overall price level.