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What is the most important function of money? Store of value Money supply Medium of exchange Unit of account Which of the following statements regarding GNP and the L(R,Y) schedule is TRUE? For a given level of nominal GNP, changes in interest rates cause movements along the L(R,Y) schedule. For a given level of real GNP, changes in interest rates cause a decrease of the L(R,Y) schedule. For a given level of real GNP, changes in interest rates cause an increase of the L(R,Y) schedule. For a given level of real GNP, changes in interest rates cause movements along the L(R,Y) schedule. Which one of the following statements is the MOST accurate? A rise in the average value of transactions carried out by a household or a firm causes its demand for money to fall. A reduction in the average value of transactions carried out by a household or a firm causes its demand for money to rise. A rise in the average value of transactions carried out by a household or a firm causes its demand for money to rise. A rise in the average value of transactions carried out by a household or a firm causes its demand for real money to rise. Which of the following statements is TRUE regarding the aggregate real money demand schedule L(R,Y)? It slopes upward because a fall in the interest rate raises the desired real money holdings of each household and firm in the economy. It slopes downward because a fall in the interest rate reduces the desired real money holdings of each household and firm in the economy. It has a zero slope because a fall in the interest rate keeps constant the desired real money holdings of each household and firm in the economy. It slopes downward because a fall in the interest rate raises the desired real money holdings of each household and firm in the economy. Money includes: currency and coins. investments. deposits in the foreign exchange markets. gold and other commodities. Bill trades 3lbs of gold, in which he is invested, for cash. This money will be kept in his savings account for one year. Which role of money best describes Bill's money as it is used in this scenario? Money as a unit of account Money as a medium of exchange Money as a measure of value Money as a store of value M1 is what the Federal Reserve calls the monetary aggregate, which refers to what? Money supply Aggregate money demand Price level Measure of supply In a world with money and bonds only: it is not risky to hold money. it is risky to hold money. risk is an important factor in the demand for money. there is no relationship between risk and holding money. Which of the following statements is TRUE regarding real output? An increase in nominal output raises the interest rate while a fall in real output lowers the interest rate, given the price level and the money supply. An increase in real output decreases the interest rate while a fall in real output increases the interest rate, given the price level. An increase in real output raises the interest rate while a fall in real output lowers the interest rate, given the money supply. An increase in real output raises the interest rate while a fall in real output lowers the interest rate, given the price level and the money supply.
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