Productivity is ________
A) determined by central bank policy
B) the combined effect of monetary and fiscal policy
C) the residual component of the production function
D) driven by changes in the rate of growth of output
C
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An individual who suffers from money illusion will
A) feel that a doubling of prices and income improves his economic position. B) concentrate on relative prices. C) never be fooled by the impact of price changes on the purchasing power of income. D) try to use counterfeit money.
A central bank has three traditional tools to conduct monetary policy: open market operations, reserve requirements, and discount rates.
Select whether the statement is true or false. A. True B. False
When we express Babe Ruth's 1931 salary in today's dollars and compare his salary to those of current New York Yankee players, we find that the current median salary of today's Yankees is
a. about three quarters of Ruth's salary. b. about the same as Ruth's salary. c. about twice Ruth's salary. d. more than four times Ruth's salary.
Which of the following is NOT a private cost?
A) the health insurance costs a firm must pay for its employees B) the pollution caused by a firm dumping its wastes into the river C) the coffee pot that Jan dropped and broke this morning D) the amount that a firm must pay for raw materials to make its product