Production possibilities frontiers can be used to illustrate scarcity, trade-offs, opportunity cost, efficiency, unemployment, technological advances, and economic growth
a. True
b. False
Indicate whether the statement is true or false
True
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If people never withdrew money, how much money could the banking system create given a new amount of deposits, assuming that excess reserves were zero?
A) the amount of new deposits multiplied by the money multiplier B) as much as the new deposits C) zero D) the amount of new deposits multiplied by the reserve ratio
The higher the level of output, the farther ________ the isoquant will lie.
A. down and to the right B. up and to the left C. up and to the right D. down and to the left
Spending on items other than consumption represents about what percent of total output of goods and services?
A. 20 percent B. 30 percent C. 40 percent D. 60 percent
Prior to the 1980s, financial institutions called thrifts:
A. included commercial banks. B. were permitted to offer checking accounts and accept savings deposits, and could pay interest on both. C. could not pay interest on checkable deposits. D. were permitted to accept only savings deposits with no checking privileges.