Which of the following is most important if the living standards of people residing in a country are going to improve?
a. growth of population
b. growth of per capita GDP
c. growth of the money supply
d. growth of government expenditures as a share of GDP
B
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When a commercial bank lends $1000 to a customer, and the loan proceeds are spent by the customer, the legal reserves of the banking system
A) decline by $1000. B) do not change unless the loan proceeds are withdrawn in currency. C) rise by $1000. D) rise by more than $1000 because spending increases nominal GDP.
As frozen yogurt became popular, many different frozen yogurt shops popped up all over the country. This suggests that the
A. the quantity supplied of frozen yogurt decreased. B. supply of frozen yogurt decreased. C. supply of frozen yogurt increased. D. the quantity supplied of frozen yogurt increased.