Related to the Economics in Practice on p. 36: In the survey conducted by Esther Duflo and Abhijit Banerjee, the extremely poor were found to consume ________ of their budgets on weddings, funerals, and other festivals.
A. less than 5 percent
B. virtually none
C. almost 10 percent
D. over half
Answer: C
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Everything else held constant, a decrease in the required reserve ratio on checkable deposits will mean
A) a decrease in the money supply. B) an increase in the money supply. C) a decrease in checkable deposits. D) an increase in discount loans.
The table below pertains to Iowan, an economy in which the typical consumer's basket consists of 3 pounds of pork and 4 bushels of corn. Refer to Table 24-2. The cost of the basket in 2008 was
a. $108. b. $147. c. $160. d. $224.
Economic growth is only possible if the long-run aggregate ______ curve shifts to the ______.
A. supply; right B. supply; left C. demand; right D. demand; left
The wealthy have a ________ marginal propensity to consume.
A. more elastic B. higher C. lower D. less elastic