Question 1
Monetary policy is less effective than it was in the past because
◦ investment has become less sensitive to interest rate changes.
◦ the substitution effect of an interest rate change on consumption has increased.
◦ the income effect of an interest rate change on consumption has increased.
◦ the government deficit has decreased.
Question 2
Which of the following is
true of a change in nonlabor income?
◦ There is no substitution effect because a change in nonlabor income does not change the trade-off between work and leisure.
◦ There is no income effect because a change in nonlabor income does not change the trade-off between work and leisure.
◦ There is no substitution effect because a change in nonlabor income does not change a household's permanent income.
◦ There is no income effect because a change in nonlabor income does not change a household's permanent income.
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