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ECON 101 FINAL EXAM PRACTICE QUESTIONS
2. Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 5%. If in response to your pay cut you also reduce your consumption by 5%, then economists would say: A) the quantity theory of money held. B) you are exhibiting money illusion. C) you made a rational decision. D) your real wage decreased by 5%. - JB I3. Continued long-run economic growth requires that economies: A) continue to increase their investment rates. B) reach their steady-s...
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2. Suppose you are forced to take a pay cut of 5% when the economy is experiencing overall deflation of 5%. If in response to your pay cut you also reduce your consumption by 5%, then economists would say: A) the quantity theory of money held. B) you are exhibiting money illusion. C) you made a rational decision. D) your real wage decreased by 5%. - JB I3. Continued long-run economic growth requires that economies: A) continue to increase their investment rates. B) reach their steady-s...