The number of hours that a worker is willing to work is determined by the trade-off between the increasing
A. Total utility of leisure and the decreasing total utility of income.
B. Value of leisure time and the decreasing marginal utility of income.
C. Marginal utility of both income and leisure.
D. Total utility of income and the decreasing marginal utility of leisure.
Answer: B
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The growth rate of real GDP in Astoria is 7.5%. Assume the growth rate of velocity is constant at a rate of 5%
If Astoria wishes to decrease the inflation rate from the annual rate of 5.99% to a target rate of 4.5% and maintain its current growth rate of real GDP, what will the growth rate of the money supply need to be? A) 6.49%. B) 7%. C) 8%. D) 8.49%.
In the classical model, the demand for loanable funds comes from
a. consumption expenditures and the government deficit, if any b. net taxes and government expenditures c. government purchases d. investment spending and the government deficit, if any e. consumption expenditures, investment spending and government purchases