The standard of living rises at a faster pace than labor productivity if
A) n = q.
B) n < q.
C) n > q.
D) The standard of living is not affected by the relative size of n and q.
C
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The transactions demand for money is the demand to hold money to
A) make regular, expected purchases. B) purchase bonds when interest rates increase. C) store one's wealth. D) meet unplanned expenditures.
Which of these changes is observed in an economy when a recessionary gap is closed in the long run?
a. An increase in the inflation rate and a decrease in the unemployment rate b. An increase in the level of output and a decrease in the price level c. An increase in both the rate of output and the price level d. A decrease in both the rate of output and the price level e. A decrease in the inflation rate and an increase in the unemployment rate