European banks began with
A. Monarchs were the first bankers, lending out cash to help the poor learn a craft.
B. Churches were the first bankers, lending out cash to help the poor learn a craft.
C. Goldsmiths were the first bankers, and the paper receipts they issued for gold held on deposit became valued as money.
D. Fishermen were the first bankers, and the paper receipts they issued for fish they stored in the hulls of their ships became valued as money.
Goldsmith's were the first bankers, and the paper receipts they issued for gold held on deposit became valued as money.
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A higher price level causes us to
A) move up along an aggregate demand curve. B) move down along an aggregate demand curve. C) shift the aggregate demand curve to the right. D) shift the aggregate demand curve to the left.
Recall the Application about the value of trees in residential neighborhoods to answer the following question(s).Recall the Application. Based on estimates of the value mature trees add to the value of an owner's house and the greater value that is added to neighboring houses, the equilibrium number of mature trees in residential neighborhoods is most likely:
A. greater than the socially efficient number. B. less than the socially efficient number. C. equal to the socially efficient number. D. infinite.
The enormous budget deficits of 2009 through 2011 meant that the federal government was borrowing upwards of $1.5 trillion per year. If that borrowing had limited the ability of the private sector to get financial capital for its purposes, economists would call this
A. crowding out. B. forcing in. C. crowding in. D. forcing aside.
A nation's average annual real GDP growth rate is 2.5%. Based on the "rule of 70", the approximate number of years that it would take for this nation's real GDP to double is:
A. 175 years B. 40 years C. 28 years D. 17.5 years