Which of the following statements is correct?
A. In 1870, Australia's per capita GDP exceeded that of the United States and has since grown on average at a lower rate
B. In 1870, Australia's per capita GDP exceeded that of the United States and has since grown on average at a higher rate
C. In 1870, the per capita GDP of the United States exceeded that of Australia and has since grown on average at a higher rate
D. In 1870, the per capita GDP of the United States exceeded that of Australia and has since grown on average at a lower rate
Answer: A. In 1870, Australia's per capita GDP exceeded that of the United States and has since grown on average at a lower rate
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The Gramm-Leach-Bliley Act of 1999
A) allowed the creating of financial holding companies. B) set conditions under which an FHC can set up a merchant bank. C) brings the U.S. closer to the universal banking model. D) does all of the above.
Which of the following could be expected to shift the aggregate demand curve?
a. An increase in government spending. b. Consumption spending decreases. c. Net exports fall. d. All of these.
Monetarists believe
A) Real GDP is not determined by M in the long run. B) velocity is constant. C) the SRAS curve is vertical. D) a and c E) a, b and c
If the discount rate is lowered, banks borrow
a. less from the Fed so reserves increase. b. less from the Fed so reserves decrease. c. more from the Fed so reserves increase. d. more from the Fed so reserves decrease.