Question

In: Economics

1. Productivity is generally measured as. Select one: a. its nominal value hold the basket constant....

1. Productivity is generally measured as. Select one:

a. its nominal value hold the basket constant.

b. its nominal value adjusted for inflation.

c. its nominal value holding the base constant.

d. its nominal value holding the quantity constant.

2. Discouraged workers are people who have. Select one:

a. not looked for work in the past year but would take a job if one was offered to them.

b. looked for work in the past year but have decided to leave the labor market to go back to school, retire, or be a stay-at-home parent.

c. looked for work in the past year but have given up looking because of the condition of the labor market.

d. not looked for work in over a year because of the condition of the labor market.

3. If money has intrinsic value, it has. Select one:

a. value that sets its value as money.

b. value only as its use as money

c. value unrelated to its use as money.

d. None of these is true.

4. The aggregate demand curve slopes downward can be explained in part through. Select one:

a. the positive relationship between the price level and net exports.

b. the negative relationship between the price level and government spending.

c. the wealth effect.

d. All of these are true.

5. The Federal Reserve. Select one:

a. is fairly independent of the rest of government.

b. works closely with the Treasury department.

c. is easily swayed by political pressure.

d. has become an ineffective policy-making body in the last decade.

Expert Solution

Ans: Productivity is generally measured as the output produced per number of workers; it measures how much total output is produced using the inputs used in the production process; It is measured as the nominal value holding the prices constant, which means holding the monetary base constant which means that correct option is (c).

Ans 2 Discouraged workers are those workers who had been looking for a job for a quite long time but now they are not looking job because they arenot able to find the job since a long time. Those who had given up looking for job. The correct option is (c).

Ans3 Intristic value of money is not related with its use as money. Commodity money has value even if it can not be used as money. For example gold, metals etc have intrisic value. So the correct option is (c).

Ans 4 The AD curve slopes downwards can be expalined due to wealth effect, A decline in price level induces the consumers to spend more on the goods, given the amount of money; a lower price level increases the purchasing power of people and they spend more. So the correct option is (c).

Ans 5 The Fed works closely with the Treasury department to maintain stability in the financial markets; they opt different monetary policies to maintain the interest rate level which influences the returns of treasury bills and other financial instruments. So the correct option is (b) . It works closely with Treasury dept.

Rahul Sunny answered 2 years ago

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