The study of how people make decisions in situations in which attaining their goals depends on their interactions with others is called
A) game theory.
B) oligopoly.
C) competitive analysis.
D) strategic analysis.
Answer: A
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Suppose that real GDP grows by 3 percent a year, the quantity of money grows 5 percent a year, and velocity does not change. In the long run, the inflation rate equals
A) 3 percent. B) 5 percent. C) 8 percent. D) 10 percent. E) 2 percent.
In the figure above, the poorest 40 percent of households receive ________ of total income
A) 20 percent B) 10 percent C) 30 percent D) 15 percent
Ceteris paribus, if the Fed reduces the reserve requirement, then:
A. Total reserves increase. B. Total deposits decrease. C. The lending capacity of the banking system increases. D. The money multiplier decreases.
A current value for the CPI of 125 means that the
A. consumer must now pay $1.25 to purchase goods that cost $1.00, on the average, in the base year. B. average price level currently is 125 times higher than the average price level during the base year. C. purchasing power of a given money income is 25 percent larger during the base year than when the index was formulated. D. purchasing power of money has increased 125 percent over time.