One of the long-run trends in the U.S. labor market is that the real wage

has:

a. increased.

b. Remained relatively constant.

c. Decreased.

52. What is the correct chain of events when the Federal Reserve lowered interest rates at the beginning of the Great Depression?

a. Interest rates fell, fewer people wanted dollar assets, people moved gold out of reserves, eventually forcing the Fed to raise interest rates.

b. Interest rates fell, fewer people wanted dollar assets, the US dollar depreciated, exports increased.

c. Interest rates fell, more people wanted dollar assets, the dollar appreciated, and exports decreased.

d. Interest rates fell, more people wanted dollar assets, people moved gold out of reserves, the dollar stabilized.