Richard Easterlin (1968, 1987) maintains that the 20th century's pattern of births was
(a) affected primarily by Real Gross National Product (Real GNP).
(b) negatively affected by the U.S. population's materialistic desires and
positively affected by its income.
(c) explained by waves of discrimination.
(d) explained solely by the wars.
(b)
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We draw the long-run aggregate supply curve as a vertical line to reflect the fact that
A) changes in the price level do not alter the level of long-run real GDP after full adjustment has occurred. B) an accurate depiction of the production possibilities curve is vertical after full adjustment has occurred. C) technology and resource endowments do not affect long-run real GDP after full adjustment has occurred. D) the productive capacity of the economy never changes after full adjustment has occurred.
What phase of the business cycle is the economy currently in? Explain your reasoning and explain how you will know when the economy enters each of the three subsequent phases.
What will be an ideal response?
In country A, the government takes no action to influence the exchange rates of its currency with other currencies. The rate is determined by market forces. Country A is said to have a:
A) flexible exchange rate system. B) fixed exchange rate system. C) dirty-float exchange rate system. D) nominal exchange rate system.
Assuming all excess reserves are loaned out, if the reserve ratio is 8 percent, the money multiplier will be equal to
A) 2. B) 8. C) 12.5. D) 16.67.