________ reaches its peak about 9-12 months after a spending increase began.
A. The inflation rate
B. GDP
C. Income
D. The multiplier
Answer: D
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A rent ceiling results in a shortage of apartments. As a result, there is
A) only a loss of consumer surplus for tenants. B) only a loss of producer surplus for landlords. C) a loss of both consumer and producer surplus. D) a gain of both consumer and producer surplus.
In 1933, net private domestic investment was a minus $6.0 billion. This means that:
a) gross private domestic investment exceeded depreciation by $6.0 billion. b) the economy was expanding in that year. c) the production of 1933's GDP used up more capital goods than were produced in that year. d) the economy produced no capital goods at all in 1933.
In a marketplace, the rental price of apartments is determined by:
A) negotiations between landlords and regulators. B) negotiations between renters and regulators. C) negotiations between renters and landlords. D) negotiations between politicians and regulators.
An assumption in the model of the money supply process is that the desired levels of currency and excess reserves
A) are given as constants. B) grow proportionally with checkable deposits. C) grow proportionally with high-powered money. D) grow proportionally over time.