Since 1970, as a percent of GDP, M1 held has steadily decreased. Which of the following can account for this fact?
A) Real GDP has increased since 1970.
B) The price level has risen since 1970.
C) The nominal interest rate has steadily risen since 1970.
D) The nominal interest rate has steadily fallen since 1970.
E) Credit cards have become more widely available since 1970.
E
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The federal agencies that examine banks include
A) the Federal Reserve System. B) the Internal Revenue Service. C) the SEC. D) the U.S. Treasury.
Whether an excise tax is imposed on a demander or supplier is irrelevant because
a. in either case the price that the demander has to pay will decrease; while the price the supplier receives will increase b. in either case the price that the demander has to pay will increase; while the price the supplier receives will decrease c. either situation will create excess demand d. either situation will create excess supply e. none of these are correct
In the production function Real GDP = T (L, K), the T represents the tax coefficient
Indicate whether the statement is true or false
While the slope of the perfectly inelastic supply curve ________, the slope of the perfectly elastic supply curve ________.
A. is zero; approaches infinity B. approaches infinity; approaches infinity C. is zero; is zero D. approaches infinity; is zero