Which of the following describes the "invention" of banking?
A) Clergy in the Renaissance created the banking system to help further the growth of the church.
B) Goldsmiths in the sixteenth century issued gold receipts which entitled its owners to reclaim their gold on demand.
C) The United States government founded the Federal Reserve in 1913.
D) The British Empire created a banking system to fund its exploration of the New World.
E) Members of the New York Stock Exchange founded the Bank of America in the 1700s.
B
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We would expect
A. the demand for Coca-Cola to be relatively more elastic than the demand for soft drinks in general. B. no relationship between the price elasticity of demand for Coca-Cola and the price elasticity of demand for soft drinks in general. C. the demand for Coca-Cola to be relatively more inelastic than the demand for soft drinks in general. D. none of these to hold true.
According to the quantity theory of money, inflation results when excessive paper money is in circulation
Indicate whether the statement is true or false
In reality, overall growth and income for the poorest are:
A. highly positively correlated, but not perfectly. B. uncorrelated. C. highly negatively correlated, but not perfectly. D. slightly positively correlated.
Which of the following is the best definition of the unemployment rate?
a. a percentage of people who were recently working but laid off or want to work (willing, able, and searching for work) but without jobs. b. a percentage of people discouraged with the labor market and without work c. a percentage of people not working d. a percentage of people that do not need to work e. a percentage of people willing and able to work