Refer to the information provided in Figure 33.1 below to answer the question(s) that follow.
Figure 33.1Refer to Figure 33.1. The opportunity cost of producing a bushel of soybeans in the United States is
A. twice as much as that in Canada.
B. the same as that in Canada.
C. 1/2 as much as that in Canada.
D. 4 times as much as that in Canada.
Answer: A
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Capital markets
A) create the price of capital. B) determine the value of capital. C) direct capital resources to their highest valued use. D) all of these choices.
Anything that would cause people to want to hold more of their money as cash and less in the form of check able deposits would
a. increase the multiple expansion of the money supply. b. cause the Federal Reserve to raise the reserve requirement. c. reduce the multiple expansion of the money supply. d. increase the size of the money supply.
If there is a sudden increase in government spending, which of the following should the Fed do if it wants to keep the price level steady?
a. Do nothing, since the self-correcting mechanism will adjust the economy b. Sell bonds in the open market c. Wait, since the price level usually does not change when government spending increases d. Decrease the required reserve ratio e. Buy bonds in the open market
"Leaning against the wind" is exemplified by a(n)
a. tax increase when there is a recession.
b. increase in the money supply when there is a recession.
c. decrease in government expenditures when there is a recession.
d. All of the above are correct.