Joe takes a university teaching job as an assistant professor in 2001 at a salary of $70,000. By 2021, he has been promoted to full professor, with a salary of $175,000. The price index in 2001 was 500, and the price index in 2021 is 1250. Is Joe better off, worse off, or equally well off in 2021 compared to 2001 and why? Select one alternative: 0 Joe is equally well off in 2021 because between 2001 and 2021 his salary and the price index both increased by a factor of 2.5, leaving him equally well off. 0 Joe is equally well off in 2021 because between 2001 and 2021 his salary and the price index both increased by a factor of 2.25, leaving him equally well off. 0 Joe is better off in 2021 because between 2001 and 2021 his salary increased by a factor of 2.5, but the price index only increased by a factor of 1.5, leaving him better off. 0 Joe is worse off in 2021 because between 2001 and 2021 his salary increased by a factor of 2.5, but the price index increased by a factor of 3, leaving him worse off. According to the quantity theory of money or quantity equation (MV = PY), if M = 500 and V = 3, which of the following pairs could P and Y be? Select one alternative: 0 5, 275. O 6, 300. O 5, 295. O 6, 250. Suppose a closed economy has gross domestic product (GDP) of $10,000, Taxes of $3,000, Consumption of $6,000, and Government expenditures of $1 ,500. How much is private saving; public saving; national saving, respectively? Select one alternative: 0 $4,000; $1,500; $5,500 0 $1,000; $1,500; $2,500 0 $1,000; $1,000; $2,000 0 $1,000; -$1,500; -$500 Suppose New Zealand has a real exchange rate (RER) of 1.35 vis-a-vis the British pound, and the price index in New Zealand is 1,765 and the price index in Britain is 1,000. What's the nominal exchange rate (NER) in UK pounds per NZ dollar (UKE/NZ$)? Select one alternative: 0 0.76 O 0.63 O 0.42 O 1.31Assume that the New Zealand Government imposes an investment tax which decreases the demand for loanable funds. Which of the following best explains what happens in the (3-panel) open-economy model, ceteris paribus? The real interest rate ; net capital outflow (NCO) ; the supply of NZ dollars ; the NZ dollar real exchange rate ; net exports (NX) Select one alternative: O falls; increases; increases; depreciates; falls O falls; increases; increases; depreciates; rises O falls; increases; increases; appreciates; falls O rises; decreases; decreases; appreciates; falls