The substitution effect of a(n)
a. price increase works to reduce the quantity of the good demanded
b. price increase works to increase the quantity of the good demanded
c. price decrease works to reduce the quantity of the good demanded
d. income increase works to reduce the quantity of the good demanded
e. income decrease works to reduce the quantity of the good demanded
A
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The typical relationship between a worker's productivity and the worker's wage rate is
A) high productivity workers receive low wage rates. B) low productivity workers receive low wage rates. C) no link between productivity and wages earned. D) high productivity workers find that their jobs are often outsourced. E) that workers with high productivity need to have their high wages protected by tariffs.
Which of the following is a liability on the balance sheet of the Federal Reserve System?
A) currency B) U.S. government securities C) mortgage-backed securities D) None of the above are correct because they are all assets of the Federal Reserve.
During periods of high inflation, people want to hold as much money as possible
a. True b. False Indicate whether the statement is true or false
In 2013, what was the U.S. export of goods and services as a percentage of GDP?
a. 13.5% b. 16.2% c. 45.6% d. 29.8%