The relationship that tells us how much a person intends to spend at various levels of income is
A) the expenditure function. B) the consumption function.
C) the buying function. D) the spending function.
B
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Bank reserves include
A) vault cash and deposits with the Federal Reserve. B) loans to bank customers and deposits with the Federal Reserve. C) vault cash and loans to bank customers. D) customer checking accounts and vault cash.
If a price ceiling is set above the equilibrium price, then
A) there will be a surplus of the good. B) there will be a shortage of the good. C) there will be neither a shortage nor a surplus of the good. D) the price ceiling will generate revenue for the government. E) the price ceiling affects suppliers but not demanders.
The public's fear of centralized power and distrust of moneyed interests led to the demise of the first two experiments in central banking, otherwise known as
A) the First Bank of the United States and the Second Bank of the United States. B) the First Bank of the United States and the Central Bank of the United States. C) the First Central Bank of the United States and the Second Central Bank of the United States. D) the First Bank of North America and the Second Bank of North America.
Discuss how economists calculate NI, PI and DI