Which group opposed having lots of money in the economy after the Civil War and before World War I?
(a) Those individuals with debt (businesses)
(b) Those buying and selling commodities (farmers)
(c) Those providing credit through deposits and other venues (wealthy and savers)
(d) Those benefitting from rising wages and prices
(c)
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An index constructed by Alberto Alesina and Lawrence Summers measuring central bank independence for a sample of industrialized countries during the late 1980s notes that the a. most countries have completely independent central banks. b. countries with less independent central banks had lower inflation rates. c. the most independent central banks were those of Switzerland and Germany,
followed by theU.S. Federal Reserve. d. there has been a trend away from central bank independence among countries e. both c and d
If a 10 percent increase in income results in an 8 percent increase in the quantity demanded of a good, the income elasticity of demand equals ________ and the good is ________ good
A) 0.80; an inferior B) 1.2; a normal C) 0.80; a normal D) -1.2; an inferior
If a monopoly discovers that the demand for its output has become more elastic at the original output level, then it will respond by
A) producing more and setting a higher price. B) setting a lower price. C) setting a higher price. D) producing more while leaving price unchanged.
Which statement is true about economic rent?
A. It doesn't exist. B. Every jobholder earns it. C. No jobholder earns it. D. Professional athletes generally earn it.