Wage rates are typically flexible upward but sticky downward.
a. True
b. False
Indicate whether the statement is true or false
Question 2
Which of the following statements about the velocity of money in the U.S. is correct?
a. From 1915 to 1947, the velocity of M1 increased.
b. From 1947 to 1973, the velocity of M1 decreased.
c. The growth in the velocity of money was steady in the 1970s.
d. The velocity of money has remained more or less stable post 1980s.
e. ATM machines and credit cards have increased the velocity of money.
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Flexible exchange rates are supposed to prevent long-term trade deficits.