Since the 1930s, the United States has experienced continuous deflation.
Answer the following statement true (T) or false (F)
False
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When a change in the price level causes a change in the purchasing power of currency, which then changes planned real expenditures at all income levels, it is called
A) the real-balance effect. B) the open-economy effect. C) the substitution effect. D) the interest rate effect.
During the expansion phase of the business cycle
A) employment decreases. B) unemployment increases. C) production increases. D) income decreases.
Macroeconomics might study which of the following?
A) the causes of domestic unemployment B) decision making undertaken by firms C) decision making undertaken by households D) determinants of the prices of rare goods (e.g., diamonds)
Peg's Manicure Manor did 4,000 sets of nails in 2015 and 4,500 sets of nails in 2016. The price of a set of nails was $20 in 2015 and $22 in 2016. If 2015 is the base year, Peg's contribution to nominal GDP in 2015 was ________ and to real GDP in 2015 was ________.
A. $80,000; $80,000 B. $80,000; $88,000 C. $88,000; $90,000 D. $80,000; $99,000