Refer to the above table. Which country had the highest growth rate of real Gross Domestic Product (GDP) from 2019 to 2020?
A. A
B. B
C. C
D. D
Answer: C
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An economy has a fixed price level, no imports, and no income taxes. An increase in autonomous expenditure of $2 trillion increases equilibrium expenditure by $8 trillion
Calculate the multiplier and explain what happens to the multiplier if an income tax is introduced.
Suppose Ginger is going to buy a house and a dishwasher. Assuming the marginal cost of searching for both is the same, one can predict that Ginger will
A. spend more time searching for the dishwasher than the house. B. trust the information from her real estate agent but not from the dishwasher salesperson. C. spend more time searching for the house than the dishwasher. D. spend equal amounts of time searching for the dishwasher and the house.
When the receipts given by goldsmiths to depositors were used to make purchases:
A. existing banking laws were violated. B. the receipts became in effect paper money. C. the gold standard was created. D. a fractional reserve banking system was created.
The Fed's power to set the required reserves of commercial banks:
A. provides a certain source of interest income for commercial banks. B. allows the Fed to control the lending ability of commercial banks and, thereby, control the money supply. C. prevents banks from hoarding too much vault cash. D. prevents commercial banks from earning excess profits.