The impact of immigration on an economy's steady state capital-labor ratio is reduced to the extent that the immigrants tend to ________ than the native population
A) save more
B) have higher fertility
C) have lower income
D) be younger
A
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When there is a recessionary gap, inflation will ________, in response to which the Federal Reserve will ________ real interest rates, and output will ________.
A. decline; lower; decline B. increase; raise; decline C. decline; lower; expand D. decline; raise; decline
When output is below potential and the policy rate has hit the floor of zero, if policymakers do nothing, output will ________ and inflation will ________
A) rise; fall B) fall; fall C) fall; rise D) rise; rise
A currency appreciation
a. reduces aggregate demand and increases aggregate supply. b. reduces aggregate demand and aggregate supply. c. increases aggregate demand and reduces aggregate supply. d. increases aggregate demand and aggregate supply.
Compared to the U.K. and Germany, the debt as a percentage of GDP in the US is
A. somewhat greater. B. roughly equal. C. substantially smaller. D. somewhat smaller.