The "value of money"
A) increases during economic expansions.
B) is the quantity of goods and services that a unit of money can buy.
C) is determined by Fed regulations.
D) is directly related to the price level.
E) increases during inflationary periods.
B
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When Economist Truman Bewley surveyed managers about their employment decisions during a recession, he found that:
A. they are indifferent between using layoffs and using wage cuts during a recession. B. they feel guiltier about reducing workers' wages than they do about firing workers. C. it is easier to reduce wages slightly for all workers than to fire some workers. D. it is easier to fire some workers and leave the wages of the other workers unchanged.
A tradeoff is illustrated by
A) a point inside the PPF. B) a point outside the PPF. C) a change in the slope of the PPF. D) the negative slope of the PPF.