Congress authorized a second Bank of the United States partly in response to:
A) difficulty in funding the American Revolution
B) difficulty in funding the War of 1812
C) difficulty in funding the Industrial Revolution
D) difficulty in funding the Civil War
B
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A good's real price is the:
A. dollar price of the good relative to the average dollar price of all other goods and services. B. average dollar price of the good. C. dollar price of the good relative to the real price of all other goods and services. D. absolute price of the good in dollar terms.
You have a $500 saving bond. The nominal interest rate is 10 percent, and the inflation rate is 4 percent. After a year, in real terms you have earned
A) $70. B) $40. C) $50. D) $510. E) $30.
Suppose Arf n' Barf restaurant has a monopoly on restaurant food in a certain small town. Their rent, which is one of several fixed costs they pay whether they sell food or not, has gone up. In the short run, the Arf n' Barf should
a. pay the higher rent and increase menu prices b. pay the higher rent and leave menu prices unchanged c. pay the higher rent and lower prices d. go out of business e. shut down
Increasing economic growth may be beneficial because
a. mass poverty is a serious problem in the United States. b. most Americans do not have the basic goods and services necessary for a decent life. c. the price level falls only if the economy is growing. d. most of the world is still below the poverty level of income.