Which of the following countries would economists say definitively is achieving modern economic growth?
A. Zimbabwe experiences a 5.6 percent increase in nominal GDP.
B. South Africa experiences a 4.2 percent increase in real GDP.
C. Ghana experiences a 3.6 percent increase in nominal GDP per person.
D. Nigeria experiences a 2.7 percent increase in real GDP per person.
Answer: D
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A bank with insufficient reserves can increase its reserves by
A) lending federal funds. B) calling in loans. C) buying short-term Treasury securities. D) buying municipal bonds.
The Fed can decrease the money supply by
a. decreasing the reserve requirement b. making open market purchases of bonds c. selling government bonds d. destroying printed currency e. creating wealth
Refer to the following graph.
Which of the following curves demonstrates a unit elastic demand curve? (That is, a curve where elasticity is 1 at each point.)
A. A B. B C. C D. None of the answers is correct.
The need for a lender of last resort was identified as far back as:
A. 1913, when the Federal Reserve was created. B. the start of the Great Depression in 1929. C. 1776, by the first U.S. Secretary of the Treasury, Alexander Hamilton. D. 1873, by British economist Walter Bagehot.