Between 1860 and 1920, the number of mouths fed per farmer
a. decreased by about 10 percent.
b. initially decreased, but then returned to its former level and remained there.
c. increased by about 50 percent.
d. nearly doubled.
d. nearly doubled.
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The distinction between exogenous and endogenous variables is important because:
a. Endogenous variables are real factors while exogenous variables are nominal factors. b. Endogenous variables are fixed by definition. c. Exogenous variables are fixed by definition. d. Endogenous variables are determined within the Three-Sector-Model while exogenous variables are not. Endogenous variables are therefore treated as shocks to the Three-Sector-Model. e. Endogenous variables are determined within the Three-Sector-Model while exogenous variables are not. Exogenous variables are therefore treated as shocks to the Three-Sector-Model.
Refer to Figure 11.3. Assume aggregate demand is represented by AD3 and full-employment output is $5.8 trillion. To restore price stability, the AD curve must shift
A. Rightward by $400 billion. B. Rightward by $800 billion. C. Leftward by more than $200 billion. D. Leftward by less than $200 billion.
In terms of the production possibilities diagram, the principle of increasing cost simply asserts that the frontier is
A. downward sloping. B. upward sloping. C. bowed inward. D. bowed outward. E. undefined, because no market will exist in this case.
A bank's assets consist of $500,000 in total reserves, $1,600,000 in loans, and a building worth $1,200,000 . Its liabilities and capital consist of $2,000,000 in demand deposits and $1,300,000 in capital. If the required reserve ratio is 25 percent, what is the level of the bank's excess reserves? How much could it loan out as a result?
a. zero; zero b. $500,000; $500,000 c. $500,000; $2,000,000 d. $250,000; $1,000,000