Between 1950 and 2012, U.S. real GDP grew at an average annual rate of about:
A. 2.0 percent.
B. 3.1 percent.
C. 5.1 percent.
D. 8.6 percent.
B. 3.1 percent.
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By law, banks are required to
A) hold 100 percent of customer deposits as reserves. B) hold a fraction of demand deposits as reserves. C) hold a fraction of their reserves at the Federal Reserve bank. D) lend out no more than the amount of their required reserves.
The federal government subsidizes higher education
A. less than primary and secondary education. B. more than primary and secondary education. C. about the same as primary and secondary education. D. because it does not subsidize primary and secondary education.
A British grocery chain uses previously obtained U.S. dollars to purchase oranges from the United States. This transaction
a. increases British net capital outflow, and increases U.S. net exports. b. increases British net capital outflow, and decreases U.S. net exports. c. decreases British net capital outflow, and increases U.S. net exports. d. decreases British net capital outflow, and decreases U.S. net exports.
A major problem with countries setting fixed exchange rates for their currencies is
A. The fixed rate will have to be maintained by currency market intervention. B. Some participating countries are likely to experience continuing balance-of-payments deficits. C. The foreign exchange reserves of participating countries will always be depleted. D. Import and export prices will probably become more unstable.