Median income is the:
A. in the level earned by the household exactly in the middle of the national income distribution.
B. the total national income divided by the total population.
C. the total national income divided by the total number of households.
D. 50% of the top quintile level of income.
A. in the level earned by the household exactly in the middle of the national income distribution.
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If the legal reserve requirement is 10 percent, $1,000 cash deposited into a demand deposit account will generate, assuming willing borrowers, an increase in the money supply of
a. $900 b. $1,100 c. $9,000 d. $10,000 e. $11,000
A higher price for batteries would result in a(n)
a. increase in the demand for flashlights. b. decrease in the demand for flashlights. c. increase in the demand for batteries. d. decrease in the demand for batteries.
Suppose Indiana produces only steel and corn, with fixed amounts of land, labor, and capital resources. Which scenario best sets the stage for economic growth?
A) The unemployment rate in Indiana rises from 5% to 6%. B) The Midwest has a devastating drought. C) The percentage of Indiana residents with a college degree rises from 25% to 30%. D) The United States imports more and more low-cost steel from Asian countries.
The real exchange rate:
A. uses the price level in each country to convert the exchange rate into a value that is in "real" terms. B. expresses the value of goods in one country in terms of the same goods in another country. C. is the nominal exchange rate adjusted for purchasing power parity. D. All of these statements are true.