Proponents of economic growth claim that growth leads to greater equality of income in an economy.
a. true
b. false
Answer: b. false
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Suppose Paul Allen deposits $1 million cash into his checking account at Bank of America. If the required reserve ratio is 20%, what is the maximum amount of required reserves that this deposit will generate in the banking system?
A) $1 million B) $4 million C) $5 million D) $25 million
A recessionary gap exists when aggregate demand is above the full employment level of output.
Answer the following statement true (T) or false (F)
Tariffs:
A. may be imposed either to raise revenue (revenue tariffs) or to shield domestic producers from foreign competition (protective tariffs). B. are also called import quotas. C. are excise taxes on goods exported abroad. D. are per-unit subsidies designed to promote exports.
The prisoners' dilemma game presented in the text involves ________ players each with ________ strategies.
A. two; three B. three; two C. three; three D. two; two