If the wage rate increases, the substitution effect is for a person to work less and the income effect is for a person to take less leisure.
Answer the following statement true (T) or false (F)
False
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As U.S. real GDP rises, wealthier households may decide to buy ________ foreign goods and assets, which would cause a(n) ________ of the U.S. dollar.
A. more; appreciation B. fewer; appreciation C. more; depreciation D. fewer; depreciation
Which of the following is NOT considered a function of money?
A) It facilitates exchange. B) It acts as a means of payment. C) It can be held and exchanged for future goods and services. D) It allows banks to lend out funds.
Currently challenging Treasury bills as the centerpiece of the money market is (are)
A) federal funds. B) Eurodollars. C) commercial paper. D) negotiable CDs.
The business cycle is the periodic but recurrent fluctuations in real GDP
a. True b. False Indicate whether the statement is true or false