Explain the role of job experience in explaining the differences between the average wages of men and women
Women, who have primary responsibility for housework and child-rearing duties, typically have less continuity in the labor force. As such, there is a difference in the average years of job experience between men and women.
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Which of the following goods is likely to have the highest price elasticity of demand?
A) Salt B) Gasoline C) Life-saving drugs D) Ketchup
If you take out a mortgage with a nominal interest rate of 8% and you expect the inflation rate to be 2%, then you expect to pay a real interest rate of
A) 4%. B) 6%. C) 10%. D) 16%.
The equation of exchange states that:
a. money supply multiplied by real output equals velocity. b. velocity multiplied by money supply equals the selling price times the quantity of actual output. c. money supply divided by velocity equals nominal GDP. d. money supply divided by velocity equals real GDP.
A sudden technological breakthrough in an economy would:
a. have no impact on real GDP. b. cause aggregate demand to fall. c. lower the natural rate of unemployment. d. increase the price level. e. cause aggregate supply to rise.