The increase in spending that occurs because the real value of money increases when the price level falls is known as the

In the permanent-income hypothesis incorporating rational expectations, the actual cyclical pattern of consumption in the United States is too ________ to justify the assumption that a current change in income ________

A) smooth, is a poor guide to future income changes B) volatile, is a poor guide to future income changes C) smooth, leads to a gradual change in permanent income D) volatile, leads to a gradual change in permanent income

The invention of the Bessemer converter in 1856:

a. increased the cost of continuous and coordinated operations of a steel industry. b. motivated downstream integration of the steel industry into coal mining. c. increased the efficient scale of steel production. d. increased volumetric interdependence between different stages of steel production.