Output per labor-hour is used to measure the ________ of labor.
A. productivity
B. effort
C. intelligence
D. seriousness
Answer: A
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Suppose that the reserve ratio is 6% and applies only to checkable deposits. A bank has noncheckable time deposits of $300 million, checkable deposits of $100 million, and reserves of $8 million. What are the excess reserves of this bank?
A. $2 million B. $6 million C. $5.6 million D. $2.4 million
Cross country data illustrates that rapid expansion in the supply of money over a lengthy period of time (for example, a decade) leads to
a. rapid growth of real output. b. a low real rate of interest. c. high rates of inflation. d. an inflow of capital and a high rate of investment.
Which of the following is an autonomous factor that, when increased, causes consumer spending to rise?
a. real wealth b. the interest rate c. household debt d. income
Which of the following items would be considered scarce?
A. diamonds B. water C. plastic D. All of these are scarce.