In 1790, there were only three banks in the U.S. By 1811, there were 88 . Most of these new banks were:
a. created and operated by the federal government.
b. created and operated by state and local governments.
c. private-sector, state-chartered banks.
d. branches of banks with English charters.
c. private-sector, state-chartered banks.
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When aggregate expenditure is less than GDP, which of the following is true?
A) There was an unplanned increase in inventories. B) Households bought more new homes than they anticipated. C) Firms spent more on capital goods than they anticipated. D) All of the above must be true when aggregate expenditure is less than GDP.
The effect on the level of income of a given increase in the money stock is
a. irrelevant to the interest elasticity of money demand. b. greater the lower the interest elasticity of money demand. c. greater the higher the interest elasticity of money demand. d. None of the above
The difference between a business plan and a budget is:
a. A budget is a one-to-three year planning document, but a business plan is a 10-to-20 year planning document. b. Really, there is no difference c. A budget is a long-term planning document, and a business plan is a very short-term planning document. d. A business plan is a three-to-five year planning document, and a budget is generally a one-to-three year planning document. e. None of the above
If the price of inputs rises when a nation is in the intermediate range:
a. Real GDP rises and average price level rises. b. Real GDP rises and average price level falls. c. Real GDP falls and average price level rises. d. Real GDP rises and real GDP remains the same. e. Real GDP remains the same and average price level falls.