Between 1870 and 1913, labor migration from the "Old World" (Europe) to the "New World" (the United States, Canada, and Australia):
a. decreased the rate of growth of real wages in the New World and increased the rate of growth of real wages in the Old World.
b. increased the rate of growth of real wages in the New World and decreased the rate of growth of real wages in the Old World.
c. decreased the rate of growth of real wages in both the New and Old Worlds.
d. increased the rate of growth of real wages in both the New and Old Worlds.
Ans: a. decreased the rate of growth of real wages in the New World and increased the rate of growth of real wages in the Old World.
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When the Fed sells bonds in the open market, in the product market (the aggregate demand- aggregate supply model),
A) real GDP will fall and the price level will rise. B) real GDP and the price level will rise. C) real GDP and the price level will fall. D) real GDP will rise and the price level will fall.
One of describing the debate between activists and non-activists is that
A) activists are pessimistic about the self-correcting powers of the economy but non-activists are optimistic. B) activists tend to be oriented to the long-run but non-activists are short-run oriented. C) non-activists are optimistic about the efficacy of stabilization policy but activists are pessimistic. D) A and B are both correct.