The U.S. Congress instituted a system of deposit insurance for banks in:
A. 1913.
B. 1789.
C. 1865.
D. 1934.
Answer: D
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To ask "what causes a recession" is the same as asking
A) "why does supply meet demand?" B) "what is the link between price elasticity of demand and price elasticity of supply?" C) "why have so many individuals made errors all at once?" D) "why have price controls failed us?"
Which of the following could cause nominal GDP to increase and real GDP to decrease?
A) The price level falls and the quantity of final goods and services produced falls. B) The price level falls and the quantity of final goods and services produced rises. C) The price level rises and the quantity of final goods and services produced falls. D) The price level rises and the quantity of final goods and services produced rises.
When real GDP declines in a particular year, nominal GDP: a. will decline at a faster rate than real GDP if there is inflation. b. will decline at a slower rate than real GDP if there is inflation. c. may increase or decrease if there is inflation
d. will increase if there is deflation.
Recall the Application about growth in China and India to answer the following question(s). From 1978 to 2004, China grew at a rate of 9.3 percent per year and India grew at a rate of 5.4 percent per year.According to this Application, based on the analysis of the sources of growth in China and India, and assuming that nothing changes, it can be concluded that:
A. India's long-term growth prospects are not as strong those for China. B. the growth rate in China should significantly slow down in the near future, but the growth rate in India will continue to rapidly increase in the near and distant future. C. there is convergence between the nations in Asia. D. China's reliance on technology for economic growth makes it less likely to keep pace with the growth rate in India.