With the invention of banking, one important aspect of money was that
a. banks have some discretion over the money supply.
b. banks have complete control over the money supply.
c. governments lost all control over the money supply.
d. individuals have no discretion over the money supply.
a
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If substitutes for a good are readily available, the demand for that good
A) does not change substantially if the price rises. B) does not change substantially if the price falls. C) is inelastic. D) is elastic. E) Both answers A and B are correct.
If output increases by 2 percent and population growth is 3 percent, per capita output:
A. grows by about 5 percent. B. falls by about 1 percent. C. grows by about 1 percent. D. falls by about 5 percent.
Monetarists argue that the relationship between the amount of money which households and businesses want to hold and the level of national income
A. has decreased historically because of increased accessibility to credit. B. rises during recession and falls during periods of full employment. C. falls during recession and rises during periods of full employment. D. is stable.
A tariff is a
A. subsidy to workers harmed by U.S. trade with foreign countries. B. limit on the quantities of a good that can be imported each year. C. tax on exports that tends to make them cheaper for foreigners to buy. D. tax on imports that raises their prices and makes them less attractive to domestic consumers.