The IMF was
a. created during the Great Depression to regenerate trade.
b. created during the Kennedy round of GATT negotiations in the 1960's.
c. created at Bretton Woods to facilitate international exchange.
d. abolished by President Nixon in the early 1970's.
c. created at Bretton Woods to facilitate international exchange.
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Economists use the term normal good to refer to goods that
a. you consume on a daily basis. b. you consume more of when your income falls. c. you consume more of when your income rises. d. consumers choose the same quantities of regardless of income.
Like the supply curve for individual goods and services, the aggregate supply curve slopes upward and to the right
a. True b. False Indicate whether the statement is true or false
Which of the following represents a long-run adjustment?
a. the hiring of four additional cashiers by a supermarket b. a cutback on purchases of coke and iron ore by a steel manufacturer c. construction of a new assembly-line plant by a car manufacturer d. the extra dose of fertilizer used by a farmer on his wheat crop
If the banking system has demand deposits of $100,000, total reserves equal to $15,000, and a required reserve ratio of 10 percent, the banking system can increase the volume of loans by a maximum of
A. $50,000. B. $5,000. C. $85,000. D. $100,000.