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Chris M., M.S.W. Social Work
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1. According to the classical dichotomy, which of the following

Resolved Question:

1. According to the classical dichotomy, which of the following is
largely independent of monetary factors?
A. Savings
C. Nominal GDP
B. Price level
D. Nominal interest rates
2. Money in the form of a commodity with intrinsic value is called
A. a unit of account. C. commodity money.
B. the gold standard. D. fiat money.
3. Debit cards are used as
A. an equivalent to credit cards.
B. a method of payment.
C. a way to get access to credit.
D. a way to defer paymen4. According to the principle of monetary neutrality, a decrease in the money supply will
A. not affect unemployment. C. increase real GDP.
B. decrease real interest rates. D. not affect the price level.
5. To decrease the money supply, the Fed would
A. buy government bonds.
B. decrease the discount rate.
C. increase the reserve requirement.
D. decrease the reserve requirement.
6. The dollar wage adjusted for inflation is a _______ variable.
A. stated C. nominal
B. real D. monetary
7. Which of the following statements is correct?
A. Deposits are assets of banks and reserves are liabilities of banks.
B. Deposits are assets of banks and reserves are assets of banks.
C. Deposits are liabilities of banks and reserves are liabilities of banks.
D. Deposits are liabilities of banks and reserves are assets of banks.
8. According to current tax laws, which of the following must be reported as taxable income?
A. Nominal interest earnings C. Real interest rates
B. Real interest earnings D. Inflation
9. To increase the money supply, the Fed would
A. sell government bonds. C. increase the discount rate.
B. increase the reserve requirement. D. decrease the discount rate.
10. The “shoeleather cost of inflation” refers to the
A. fact that inflation increases the prices of goods, including shoeleather.
B. waste of resources as people attempt to minimize their holdings of money.
C. fall in real income associated with inflation.
D. fall in purchasing power associated with inflation.
11. Which of the following statements is correct?
A. Bank runs increase bank reserves and increase the money supply.
B. Bank runs increase bank reserves and decrease the money supply.
C. Bank runs decrease bank reserves and decrease the money supply.
D. Bank runs decrease bank reserves and increase the money suppl12. What is the primary way in which the Fed changes the money supply?
A. Issuing Federal Reserve notes
B. Changing the discount rate
C. Changing the reserve requirement
D. Open-market operations
13. As the average price level in the economy falls, people will
A. use less money as a medium of exchange.
B. use more money as a medium of exchange.
C. want to hold more money.
D. use credit cards more often.
14. Which of the following statements is correct?
A. Unexpected inflation redistributes wealth from debtors to creditors.
B. Unexpected inflation redistributes wealth from owners of real property to
owners of financial assets.
C. Unexpected inflation redistributes wealth from creditors to debtors.
D. Unexpected inflation redistributes wealth from the government to fixed-income
recipients.
15. Assume that the reserve ratio is 20 percent and banks don’t hold excess reserves.
The Fed purchases $1 million of bonds from the public. What would happen next?
A. Bank reserves will increase by $1 million and the money supply will eventually
increase by $5 million.
B. Bank reserves will decrease by $5 million and the money supply will eventually
decrease by $5 million.
C. Bank reserves will decrease by $1 million and the money supply will eventually
decrease by $5 million.
D. Bank reserves will increase by $1 million and the money supply will eventually
increase by $2 million.
16. Which of the following would be considered a demand deposit?
A. Any currency C. A balance in a savings account
B. A balance in a checking account D. A garnished wage
17. Which of the following statements is correct?
A. If the discount rate is lowered, banks will borrow more from the Fed, and bank
reserves will increase.
B. If the discount rate is lowered, banks will borrow more from the Fed, and bank
reserves will decrease.
C. If the discount rate is lowered, banks will borrow less from the Fed, and bank
reserves will increase.
D. If the discount rate is lowered, banks will borrow less from18. When you use a check to purchase gasoline at the local convenience store, you’re
using money as a
A. store of value. C. medium of exchange.
B. unit of account. D. means of deferred payment.
19. If the money supply is increased, what will happen to the price level?
A. The price level will decrease, which will increase the quantity of money demanded
to restore equilibrium.
B. The price level will decrease, which will decrease the quantity of money demanded
to restore equilibrium.
C. The price level will increase, which will decrease the quantity of money demanded
to restore equilibrium.
D. The price level will increase, which will increase
Submitted: 3 years ago.
Category: Homework
Expert:  Chris M. replied 3 years ago.
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Chris M., M.S.W. Social Work
Category: Homework
Satisfied Customers: 2480
Experience: Master's Degree, strong math and writing skills, experience in one-on-one tutoring (college English)
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