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True or False.  Banks play no role in the creation of money.

The market will:

True or False.  Government spending on research and development is strictly for scientific reasons.

Checkable deposits are included in

True or False.  Private goods are produced through the market because they have rivalry (one’s use of a good makes it unavailable for others).

In economics, a firm that faces no competitors is referred to as _________________.

True or False.  When people barter double coincidence of wants must exist.

Suppose the following data describe output in two different years: Item Year 1 Year 2 Apples 20,000 @ 25¢ each 30,000 @ 30¢ each Bicycles 700 @ $800 each 650 @ $900 each Movie Rentals 10,000 @ $1.00 each 12,000 @ $1.50 each Compute nominal GDP in year 1 (Enter as a numeric value e.g. 100000)

True or False.  Banks play no role in the creation of money.

True or False. Monetary policy is inevitably imprecise as the effects of monetary policy occur only after long & variable lags.