Early American manufacturers were particularly concerned about minimizing:
a. raw material costs.
b. labor costs.
c. state-levied taxes on profits.
d. energy costs.
b. labor costs.
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In the economy of Briskland, the commercial banks have deposits of $500 billion. Their reserves are $50 billion, 80 percent of which is in deposits with the Central Bank
There is $20 billion in Central Bank notes outside the banks, and there are no coins. a) What is the monetary base? b) If all the deposits are money, what is the total quantity of money? c) What is the banks' reserve ratio? d) What is the currency drain as a percentage of the quantity of deposits?
A rising rate of inflation: a. makes people more willing to hold money as an asset
b. reduces the usefulness of money as a store of value and thus increases the velocity of money. c. increases the usefulness of money as a medium of exchange and thus reduces the velocity of money. d. is usually preceded by a reduction in the money supply. e. does not have any effect on the velocity of money.
Poor Asian countries may have per-capita GDP's that may be less than $250 . Why is this somewhat misleading for comparative purposes?
a. Most rich country GDP is nonmarket activity. b. A significant amount of poor country GDP is nonmarket activity. c. Poor countries do not use dollars. d. Poor countries have few resources.
The agency directly responsible for monetary policy in the United States is
A. the twelve Federal Reserve Banks. B. the Board of Governors of the Federal Reserve System. C. the Congress of the United States. D. the United States Treasury.