The level of aggregate expenditures in a mixed open economy is comprised of:
A. C a + I g + X n
B. C a + I g + G + T + X n .
C. C a + I g + X n + G.
D. C a + G.
C. C a + I g + X n + G.
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In the mid-1830s, the U.S. entered an inflationary period that culminated in the depression of 1839-1843 . Contemporary economic historians attribute this economic downturn to
a. the demise of the Second Bank of the U.S. in 1832. b. over-issue of gold coins by the U.S. Mint. c. over-expansion by the manufacturing sector. d. external forces, including large inflows of specie from Mexico and Europe.
In the long run, price elasticities of demand are usually ____
a. less than they are in the short run because people can adjust b. the same as they are in the short run because tastes don't change c. greater than they are in the short run because prices rise over time d. less than they are in the short run because real prices fall over time e. greater than they are in the short run because consumers have time to adjust
Which of the following correctly defines inflation?
a. An increase in the price of a particular good or service. b. An increase in the general (average) price level of goods and services in the economy. c. The growth rate in real GDP. d. None of the above.
Fractional reserve banking began as a search for
A. a different metallic monetary system. B. additional sources of gold. C. different types of borrowers. D. additional profits.