The central problem all individuals face is
A) greed.
B) insufficient money income.
C) scarcity of resources.
D) the desire for present enjoyment.
E) unequal wealth.
C
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The occurrence of the Great Depression offered evidence that supported
a. the classical theory of economics b. the need for the government to practice the policy of laissez faire c. the need for the government to control prices d. Congress to take action to stop rising prices e. the Keynesian idea that the government needed to guide the economy
To compare GDPs over time, we may want to adjust for the effect of inflation; therefore,
a. real GDP is converted into nominal GDP by subtracting the inflation rate from real GDP b. nominal GDP is converted into real GDP by subtracting the inflation rate from nominal GDP c. nominal GDP is converted into real GDP by dividing nominal GDP by the GDP deflator, then multiplying by 100 d. nominal GDP is divided by the inflation rate, then multiplying by the price index e. the ratio of the consumer price index to the GDP deflator is multiplied by the real GDP
The money supply of Granov is $10,000 in a 100-percent-reserve banking system. If the Central Bank of Granov decreases the reserve requirement ratio to 10 percent, the money supply could increase by no more than $9,000
a. True b. False Indicate whether the statement is true or false
If the current Real GDP is less than Natural Real GDP, then the economy is
A) in long-run equilibrium. B) in a recessionary gap. C) in an inflationary gap. D) possibly in short-run equilibrium. E) b and d