The real purchasing power of the average worker's yearly earnings in the United States in 2016 was ________ as in 1960.
A. twice as large
B. about the same
C. five times as large
D. about half as much
Answer: A
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The quantity theory of money asserts that an increase in the quantity of money leads to an equal percentage increase in the price level in the long run
Indicate whether the statement is true or false
Suppose the proportion of deposits that individuals wish to hold as cash were to rise from 5% to 10%. Then,
A) the money supply will rise because people have more cash. B) bank deposits will fall by the same amount as if the reserve-holding ratio had risen by 5 percentage points. C) the supply of high-powered money will rise because cash has risen. D) the money supply will change by the same amount as if the reserve-holding ratio had risen by 5 percentage points.
The economic system that includes private ownership of most resources and the coordination of economic activity by price signals generated by market forces is
a. capitalism b. socialism c. communism d. mercantilism e. progressivism
The discovery of a new hybrid wheat would increase the supply of wheat. As a result, wheat farmers would realize an increase in total revenue if the
a. supply of wheat is elastic. b. supply of wheat is inelastic. c. demand for wheat is inelastic. d. demand for wheat is elastic.