Say’s Law states that
a. supply is greater than demand.
b. supply is less than demand.
c. demand generates supply.
d. supply generates demand.
d. supply generates demand.
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Suppose the required reserve ratio is 3 percent, and currency and reserves total $10 million. The maximum change in the money supply that can be supported is:
A. $13 million. B. $30 million. C. $97 million. D. $333.3 million.
Judy has just bought a car that is made in Germany. As far as the U.S. balance of payments is concerned this purchase is a(n)
A) accounting identity. B) special draw. C) surplus item. D) deficit item.
A price index shows
A. the price of goods in the future. B. the current cost of a basket of goods. C. the relative price of necessities. D. the cost of today's goods expressed in terms of the cost of goods in a base year.
Dr. Homer Simpson, an economics professor, decided to take a year off from teaching to run a commercial fishing boat in Alaska. That year, Professor Simpson would be officially counted as:
A. structurally unemployed. B. frictionally unemployed. C. not in the labor force. D. employed.