The classical dichotomy and the neutrality of money: Mary spends all her money on paperback novels...
The classical dichotomy and the neutrality of money:
Mary spends all her money on paperback novels and donuts. In 2014, she earned $14.00 per hour, the price of a paperback novel was $7.00, and the price of a donut was $1.00
Which of the following give the nominal value of a variable? Check all that apply.
A. The price of a donut is $1.00 in 2014
B. The price of a donut is 0.14 paperback novels in 2014
C. Mary's wage is 2 paperback novels per hour in 2014
Which of the following give the real value of a variable? Check all that apply.
A. The price of a paperback novel is 7 donuts in 2014
B. The price of a paperback novel is $7.00 in 2014
C. Mary's wage is $14.00 per hour in 2014
Suppose that the Fed sharply increases the money supply between 2014 and 2019. In 2019, Mary's wage has risen to $28.00 per hour. The price of a paperback novel is $14.00 and the price of a donut is $2.00
In 2019, the relative price of a paperback novel is:
A. 0.14 donuts
B. $2.00
C. 7 donuts
D. $14.00
Between 2014 and 2019, the nominal value of Mary's wage (Fill in the blank: decreases, increases, stays the same), and the real value of her wage (Fill in the blank: Increases, decreases, stays the same.
Monetary neutrality is the proposition that a change in the money supply (Fill in the blank: affects or does not affect), nominal variables and (Fill in the blank: Affects or does not affect) real variables.
Homework Answers
Which of the following gives the nominal value of a variable?
A. The price of a donut is $1.00 in 2014
Which of the following give the real value of a variable?
A. The price of a paperback novel is 7 donuts in 2014
B. The price of a paperback novel is $7.00 in 2014
Suppose that the Fed sharply increases the money supply between 2014 and 2019. In 2019, Mary's wage has risen to $28.00 per hour. The price of a paperback novel is $14.00 and the price of a donut is $2.00
In 2019, the relative price of a paperback novel is: 14/2 = 7 donut
C. 7 donuts
Between 2014 and 2019, the nominal value of Mary's wage (increases), and the real value of her wage stays the same
Monetary neutrality is the proposition that a change in the money supply (affects), nominal variables and (does not affect) real variables
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The classical dichotomy and the neutrality of money:
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FILL IN THE BLANK:
In 2017, the relative price of a paperback novel is .29
beignets, 3.5 beignets, $4.00, or $14.00 .
Between 2012 and 2017, the nominal value of Megan's wage
decreases, increases, or remains the same , and
the real value of her wage decreases, increases, or remains
the same .
Monetary neutrality is the proposition that a change in the
money supply does not affect or affects nominal
variables and does not affect or affects real
variables....
3. The classical dichotomy and the neutrality of money The classical dichotomy is the separation of...
3. The classical dichotomy and the neutrality of money The classical dichotomy is the separation of real and nominal variables. The following questions test your understanding of this distinction. Becky spends all of her money on magazines and donuts. In 2015, she earned $18.00 per hour, the price of a magazine was $9.00, and the price of a donut was $2.00. Which of the following give the nominal value of a variable? Check all that apply. Becky's wage is 2...
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FILL IN THE BLANK:
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Between 2012 and 2017, the nominal value of Megan's wage
decreases, increases, or remains the same , and
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the same .
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money supply does not affect or affects nominal
variables and does not affect or affects real
variables....
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