The Keynesian revolution
a. was an attack on the classical supply-determined, full-employment theory of output and employment.
b. attacked the quantity theory of money.
c. shared with the classical model the belief that prices and wages are perfectly flexible.
d. All of the above
e. both a and b.
E
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Jeff Kaufman decides to bank with Paris First National Bank (PFN). He opens a checking account by depositing $1,000 . According to the PFN balance sheet, after this initial $1,000 checkable deposit, there are $1,000 in:
a. reserves and $1,000 in checkable deposits. b. liabilities and $2,000 in checkable deposits. c. checkable deposits and $0 in assets. d. assets and $0 in liabilities. e. reserves and $0 in liabilities.
Wages and labor are inversely related for people who value leisure more than work
Indicate whether the statement is true or false
Local governments rely almost exclusively upon sales taxes for revenue
Indicate whether the statement is true or false
The European Central Bank aims to maintain price stability. They aim to keep inflation rates below, but close to, over the medium term:
(a) 3%. (b) 2%. (c) 1%. (d) They don't have a pre-defined rate.