Keynes argued that the transactions component of the demand for money was primarily determined by the level of people's ________, which he believed were proportional to ________
A) transactions; income
B) transactions; age
C) incomes; wealth
D) incomes; age
A
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If the price of a euro (the European currency) increases from $1.00 to $1.10, then, everything else held constant
A) a European vacation becomes less expensive. B) a European vacation becomes more expensive. C) the cost of a European vacation is not affected. D) foreign travel becomes impossible.
National output is a function of ________
A) capital and saving B) technology, employment and demand C) labor and depreciation D) labor, technology and capital
Total U.S. government expenditures as a percentage of GDP were largest during which of the following periods of time?
A. The Great Depression B. World War II C. The Vietnam War D. The Energy Crisis of the mid- and late-1970s
Answer the following statements true (T) or false (F)
1. U.S. exports to Japan create a supply of dollars and a demand for yen in the foreign-exchange market. 2. People will have to exchange their currency for another only when they do exporting or importing. 3. The current account portion of a nation's balance of payments statement includes net investment income. 4. The U.S. often has a significant surplus in services trade, even though it has a deficit in goods trade. 5. The flow of payments for purchases and sale of financial assets is included in the current account balance of a nation.