The Secretary of Labor states that wage rates in the country have risen by 2 percent this past year. The head of a local labor union states that wage gains should have been higher. The Secretary's statement is a (n) ____ economic statement, and the labor head's statement is a (n) ____ economic statement

Real estate suitable for condominium development is also suitable for single-family home development. Therefore, a rise in the price of condominiums relative to single-family homes tends to

A) increase the opportunity cost of building new single-family homes. B) reduce the demand for condominiums. C) increase the demand for condominiums. D) do none of the above.

Refer to Figure 26-2. In the figure above, the movement from point A to point B in the money market would be caused by

A) a decrease in the required reserve ratio by the Federal Reserve. B) a decrease in real GDP. C) an increase in the price level. D) an open market sale of Treasury securities by the Federal Reserve.