The leading spokesperson for monetarism was
A. Arthur Laffer.
B. John Maynard Keynes.
C. Ronald Reagan.
D. Milton Friedman.
Answer: D
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Reserves are defined as
a. the total cash in bank vaults b. money deposited in Federal Reserve accounts c. the sum of vault cash and deposits at Federal Reserve banks d. the total amount of money a bank must hold e. ten percent of demand deposit liabilities
The aggregate supply curve is upward sloping because
A. higher product prices lag behind increases in resource costs. B. higher prices eliminate much of the purchasing power of higher profits and wages. C. higher prices result in greater nominal dollar purchases by consumers. D. production costs tend to rise as an economy produces greater output, and higher prices are necessary to cover the costs.
For which of the following time periods did the United States have a budget surplus?
A. 1990–1993 B. 1998–2001 C. 2003–2006 D. The United States did not have a surplus in any of these time periods.
The shutdown rule for a firm in a perfectly competitive industry is that the firm should cease production if
A) P < MC. B) P < ATC. C) P < AVC. D) P < AFC.