Real income per person was the same until:
A. the 1800s, when the Industrial Revolution caused it to grow.
B. the 1500s, when the Renaissance caused it to grow.
C. the 1900s, when wireless technology caused it to grow.
D. Real income per person has been roughly the same for the last three centuries.
A. the 1800s, when the Industrial Revolution caused it to grow.
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If the Fed sells U.S. government securities,
A) the U.S. Treasury loses some revenue. B) the U.S. Treasury gains some revenue. C) banks' reserves increase. D) the federal funds rate rises. E) None of the above answers is correct.
Lisa views pizzas and burritos as goods. If she prefers a bundle of four burritos and four pizzas to a bundle of four burritos and five pizzas, which property of consumer preference is violated? What change in the assumptions could lead a rational
consumer to prefer the first bundle?
A reduction in current consumption to pay for the investment in capital intended to increase future production is known as the:
A. consumption effect. B. substitution effect. C. investment trade-off. D. income effect.
If a percentage decrease in money supply is followed by a proportional percentage decrease in prices and output, this means that:
a. the velocity of money is constant. b. the economy is in a recession. c. the velocity of money has fallen. d. real GDP is constant. e. the economy is not at maximum capacity