Keynes hypothesized that the speculative component of money demand was primarily determined by the level of
A) interest rates.
B) velocity.
C) income.
D) stock market prices.
A
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A change in nominal GDP sums up changes in
A) prices alone. B) physical production alone. C) physical production and hours of production time. D) physical production and prices.
In which of the following situations will both market clearing price and the equilibrium quantity decrease?
A) an increase in demand and no change in supply B) an increase in supply with no change in demand C) a decrease in supply with no change in demand D) a decrease in demand with no change in supply
Which of the following are legal tender?
a. A check b. A Federal Reserve note c. A bank note issued by a private bank d. A credit card e. A traveler's check
What is suggested by a Lorenz curve diagram with a line very close to the 45-degree line?
a. A mostly equal income distribution b. A highly unequal income distribution c. Rising wage rates across all income levels d. Declining wage rates for the middle class