Answer the following statement true (T) or false (F)
1) A British thermal unit is the amount of energy required to raise the temperature of one liter of
water by one degree Celsius.
2) The average person in the United States generates about 10 pounds of trash per day.
3) The United States produces more than twice as much output per million BTUs of energy
consumed than it did in 1950.
4) Increases in U.S. living standards have matched increases in per capita energy use.
1) F
2) F
3) T
4) F
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Everything else held constant, if the sum of the required reserve ratio and the excess reserve ratio is less than one, a decrease in the currency-deposit ratio causes the M1 money multiplier to ________ and the money supply to ________
A) decrease; increase B) increase; increase C) decrease; decrease D) increase; decrease
If the adoption of a new technology led to gains in productivity ________
A) the ensuing positive supply shock would lead to an immediate increase in output B) in the short-run, the ensuing increase in supply would lower inflation C) and if this new technology permanently altered the productive capacity of the economy then the increase in output and decrease in inflation would be permanent as well D) all of the above E) none of the above
How does Keynesian economic theory recommend that fiscal policy be conducted?
The unemployment rate for married men is usually higher than the rate for teenagers.
Answer the following statement true (T) or false (F)