John Maynard Keynes was the author of
A. The Communist Manifesto.
B. The Wealth of Nations.
C. The General Theory of Employment, Interest, and Money.
D. Eat the Rich: A Treatise on Economics.
Answer: C
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Measuring the sensitivity of bank profits to changes in interest rates by multiplying the gap times the change in the interest rate is called
A) basic duration analysis. B) basic gap analysis. C) interest-exposure analysis. D) gap-exposure analysis.
If people spend 30 percent less on movie tickets when movie prices decline 15 percent, the price elasticity of demand for movie tickets at these prices must be
a. -3.0. b. elastic c. -0.5. d. inelastic.
Suppose that the central bank must follow a rule that requires it to increase the money supply when the price level falls and decrease the money supply when the price level rises. If the economy starts from long-run equilibrium and aggregate supply shifts left, the central bank must
a. decrease the money supply, which will move output back towards its long-run level. b. decrease the money supply, which will move output farther from its long-run level. c. increase the money supply, which will move output back towards its long-run level. d. increase the money supply, which will move output farther from its long-run level.
According to classical economists,
A. prices are rigid. B. both V and Q are variable for an economy in short-run equilibrium. C. changes in M cause changes in V. D. the velocity of money is constant.