In the United States since 1970, the quantity of M1 money people hold as a percentage of GDP has
A) decreased.
B) remained constant.
C) decreased at first and then increased.
D) increased at first and the decreased.
E) increased.
A
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An upward sloping short-run aggregate supply curve suggests that
A) prices and wages are completely inflexible. B) prices and wages adjust in part to short-run demand changes. C) prices and wages are completely flexible. D) real GDP is determined by aggregate supply.
In a world where the price level could adjust immediately to its new long-run level after a money supply increase
A) The dollar interest rate would increase because prices would adjust immediately and prevent the money supply from rising. B) The dollar interest rate would fall because prices would adjust immediately and prevent the money supply from rising. C) The dollar interest rate would fall because prices would adjust immediately and prevent the money supply from decreasing. D) The dollar interest rate would decrease because prices would adjust immediately and prevent the money supply from decreasing. E) The dollar interest rate would fall because prices would not be able to prevent the money supply from rising.
Household consumption primarily depends on:
A) disposable income. B) the interest rate. C) marginal propensity to import. D) credit card debt.
Refer to Scenario 5.1. The probabilities discussed in the information above are
A) objective because they are single numbers rather than ranges. B) objective because they have been explicitly articulated by the individuals involved. C) objective because the event hasn't happened yet. D) subjective because the event hasn't happened yet. E) subjective because they are estimates made by individuals based upon personal judgment or experience.