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Please answer the questions completely and provide solutions with math if necessary, for example, number 3.

  1. Presuming things move forward and the Chinese Yuan becomes a reserve currency in the world, it would imply that China would likely change which aspect of its “international trilemma”?

a.    abandon stable exchange rates and give up independent monetary policy.

b.   abandon stable exchange rates and open capital flows.  

c.   adopt a stable exchange rate and give up open capital flows.

d.   adopt a stable exchange rate and give up independent monetary policy.

2. When the Federal Reserve intervenes in foreign exchange markets to “defend the dollar”

a. it does so independently because it has the sole responsibility for the U.S. currency.

b. it only needs to consult the other countries involved so they understand who is selling their currency.

c. it does so after consulting with the U.S. Treasury because there are foreign implications.

d. it basically uses the Fed Funds market to affect the domestic value of the dollar.

3. If output grew 4 percent last year and hours worked grew 1 percent, then by how much did labor productivity grow over the year?

a. 0.3 percent

b. 2.6 percent

c. 3.0 percent  

d. 5.2 percent

4. Which of the following would not be expected in an economic recession?

a. Employment as a percentage of the labor force falls as people lose jobs

b. Hours worked per work rises as remaining workers have to take up the slack for those who were laid off.

c. Output per worker falls as there is less production due to falling demand.

d. None of these would be expected.

5. Which of the following would not be expected to cause a shift in the long-run aggregate supply (LRAS) curve?

a. taxes

b. business optimism

c. costs of production inputs

d. none of these would shift the LRAS. 

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