U.S. government bonds held by commercial banks are:
a. government assets and commercial bank assets
b. government assets and commercial bank liabilities.
c. government liabilities and commercial bank assets.
d. government liabilities and commercial bank liabilities.
c
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If an economy keeps increasing its capital stock, then over time its production possibilities curve will:
a. not move. b. shift to the left. c. shift to the right. d. disappear because scarcity ceases to exist. e. demonstrate massive job loss for workers.
When PAE decreases then the economy will move towards:
A. constant levels of GDP. B. higher levels of equilibrium aggregate expenditure. C. lower levels of equilibrium GDP. D. higher levels of equilibrium GDP.
In his An Essay on Population Growth, Thomas Malthus argued that population would increase at a geometric rate and the food supply at an arithmetic rate and that this disharmony would lead to forced return to subsistence-level conditions.
a. true b. false
The notion that when the price of the good you want rises you will buy less of it because you will find another good that will do instead is provided as the explanation for
A. the substitution effect. B. diminishing marginal utility. C. the real-balances effect.