The dominant school of economic thought from the late 19th century until the Great Depression of the 1930s was
a. classical
b. Keynesian
c. monetarism
d. supply-side
e. rational expectations
Indicate whether the statement is true or false
A
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A decrease in the discount rate ________ bank reserves and ________ the money supply if banks respond appropriately to the change in the rate.
A) increases; increases B) increases; decreases C) decreases; increases D) decreases; decreases
If nuts and bolts are complements, an increase in the price of nuts caused by a change in the supply of nuts will a. increase the number of bolts sold. b. decrease the demand for nuts c. increase the price of bolts
d. decrease the number of bolts sold
If you left $2,500 on deposit with a bank promising to pay you a 5 percent compound annual rate of interest, then after 50 years your deposit would be worth approximately:
A. $2,625 B. $28,668 C. $11,467 D. $328,750
If the working-age population in an economy shrinks, real GDP can still grow if:
A. Work hours per week decreases, to spread work among more workers B. Labor productivity increases rapidly enough C. Consumption by households increase rapidly D. Spending by firms and the government increases