The balance of payments consists of the
A) current account, capital account, and gold flows.
B) current account, official reserve transactions account, and monetary account.
C) current account, capital account, and official reserve transactions account.
D) capital account, official reserve transactions account, and recent account.
Answer: C
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Holding the money deposits of businesses and households and making loans to the public are the basic functions of
A. the Federal Deposit Insurance Corporation and the Federal Savings and Loan Insurance Corporation. B. district banks of the Federal Reserve System. C. the Open Market Committee and the Board of Governors. D. commercial banks and thrift institutions.
If society leaves some of its resources unemployed, then it will be operating at a point:
a. beneath its production possibilities curve. b. at a corner of its production possibilities curve. c. anywhere along its production possibilities curve. d. outside of its production possibilities curve.
Suppose you place $10,000 in a retirement fund that earns a nominal interest rate of 9%. If you expect inflation to be 5% or lower, then you are expecting to earn a real interest rate of at least
a. 1.8%. b. 3%. c. 4%. d. 5%.
Capital is paid according to the value of its marginal product
a. only if earnings from capital are paid to households in the form of dividends. b. only if earnings from capital are kept within firms as retained earnings. c. regardless of whether earnings from capital are paid to households in the form of dividends or whether those earnings are kept within firms as retained earnings. d. None of the above is correct; unlike labor, capital is a factor of production for which earnings are unrelated to the value of marginal product.