The stock market crash of 1929 led to:
A. the Great Depression.
B. the Great Recession.
C. Black Thursday.
D. the South Seas bubble burst.
Answer: A
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Suppose that, for every 1 percentage point decline in the discount rate, commercial banks collectively borrow an additional $2 billion from Federal Reserve Banks. Also assume that the reserve requirement is 10%. If the Fed lowers the discount rate from 4.0% to 3.5%, bank reserves will ________.
A. increase by $1 billion and the money supply will increase by $10 billion B. decline by $1 billion and the money supply will decline by $10 billion C. increase by $1 billion and the money supply will increase by $5 billion D. increase by $10 billion and the money supply will increase by $100 billion
A decrease in wealth ________ consumption expenditure and ________
A) increases; shifts the consumption function upward B) increases; shifts the consumption function downward C) decreases; results in a movement downward along the consumption function D) decreases; shifts the consumption function downward E) decreases; shifts the consumption function upward
At the beginning of the year, Becky's wealth was $30,000. During the year, she earned $50,000 of income, paid $6,000 in taxes and consumed $43,000 of goods and services. What is Becky's wealth at the end of the year?
What will be an ideal response?
When the firm produces the quantity that sets marginal revenue equal to marginal cost, a perfectly competitive firm is
A) determining the price it will set. B) maximizing its revenues. C) maximizing its profit. D) establishing its shutdown point.