Double-entry bookkeeping requires that the debit and credit entries for any transaction must balance
a. True
b. False
Indicate whether the statement is true or false
True
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When an American college student in Davis, California spends $200 on a pair of Louis Vuitton jeans (a famous French brand), U.S. consumption ________, U.S. net exports ________, and U.S. GDP ________
A) does not change; increases by $200; increases by $200 B) increases by $200; decreases by $200; does not change C) increases by $200; does not change; increases by $200 D) does not change; does not change; does not change E) does not change; decreases by $200; decreases by $200
If changes in economic policy could cause the growth rate of real GDP to increase by 1% per year for 100 years, then GDP would be ________ % higher after 100 years than it would have been otherwise
A) 1.3 B) 2.0 C) 2.7 D) 3.8
Do bankers create money?
a. No, they cannot do this as private businesses. b. No, they are prevented by federal law. c. Yes, through multiple deposit creation. d. Yes, by opening checking accounts for customers.
Possession of information by one party in a financial transaction but not by the other party is
A. financial intermediation. B. informational hazard. C. symmetric information. D. asymmetric information.