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ECON-1012-B-Introduction to Macroeconomics

ECON-1012-B-Introduction to Macroeconomics

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Which of the following best fits the economist's definition of money?

an obligation between the parties to a transaction

any medium of exchange

any commodity or token that is generally acceptable as a means of payment

any unit of account

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Real interest rate (percent per year)	Loanable funds demanded (trillions of 2012 dollars)	Loanable funds supplied (trillions of 2012 dollars)
4	6.5	3.5
5	6.0	4.0
6	5.5	4.5
7	5.0	5.0
8	4.5	5.5
9	4.0	6.0
10	3.5	6.5

Refer to Table 7.3.6, which shows an economy's demand and supply of loanable funds schedules when the government's budget is balanced. If the government's budget becomes a deficit of $2.0 trillion and the Ricardo-Barro effect occurs, what is the real interest rate?

6 percent a year

6.5 percent a year

5 percent a year

7 percent a year

4 percent a year

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Real interest rate (percent per year)	Loanable funds demanded (trillions of 2012 dollars)	Loanable funds supplied (trillions of 2012 dollars)
4	6.5	4.5
5	6.0	5.0
6	5.5	5.5
7	5.0	6.0
8	4.5	6.5
9	4.0	7.0
10	3.5	7.5

Refer to Table 7.2.1, which gives data about a loanable funds market. If households increase their saving by $0.5 trillion at each real interest rate, what is the new equilibrium real interest rate?

6.0 percent a year

5.5 percent a year

4.5 percent a year

6.5 percent a year

5 percent a year

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Which of the following items is not money?

Canadian currency

a business non-chequable deposit

a personal non-chequable deposit

a chequable deposit

e-transfer and e-cash

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How does a decrease in disposable income influence the loanable funds market?

It creates a movement up along the supply of loanable funds curve.

It shifts the supply of loanable funds curve rightward.

It creates a movement down along the supply of loanable funds curve.

It shifts the supply of loanable funds curve leftward.

It has no effect on the supply of loanable funds.

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If Canada spends more on foreign produced goods and services than foreigners spend on Canadian produced goods and services, which of the following situations will arise?

The rest of the world may or may not finance Canada's trade deficit.

Canada must borrow an amount equal to consumption expenditure plus investment.

Canada must borrow an amount equal to imports minus exports.

Canada must borrow an amount equal to national saving.

Canada must lend an amount equal to imports minus exports.

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Item	Millions of dollars
Consumption expenditure Government expenditure on goods and services Net taxes Investment Imports Exports	80 30 35 20 10 20

Refer to Table 7.1.1, which gives the values of an economy's financial flows. What is private saving in this economy?

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Currency outside banks is $53 billion; personal and business chequable deposits are $211 billion; personal non-chequable deposits are $163 billion; and business non-chequable deposits are $332 billion.

Consider Fact 8.1.1, which gives data on the banking system in an economy. What is M1+?

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Which of the following events will decrease the money multiplier?

The currency drain ratio ________ or the desired reserve ratio ________.

increases; decreases

decreases; decreases

increases; increases

decreases; does not change

decreases; increases

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Consider the following data from the economy of Adanac. What are the values of M1+ and M2+?

Currency outside banks: $15 billion
Personal and business chequable deposits: $40 billion
Personal non-chequable deposits: $50 billion
Business non-chequable deposits: $125 billion
Currency held by banks: $200 billion

The value of M1+ is $________ billion and the value of M2+ is $________ billion.

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