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If Logan received a $2,500 bonus and his MPS is 0.20, his consumption rises by $________ and his saving rises by $________.

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A member of​ Congress, who has never had an economics​ course, has just been placed on a Money and Banking Committee. The official needs a briefing prior to the first meeting concerning the role of the money supply in the economy. Which of the following statements should you insist that the official remember when entering the first committee​ meeting?A.There is an indirect relationship between the growth of the money supply and the price​ level; and a direct​ (but not​ perfect) relationship between the growth of the money supply and GDP growth.B.There is a​ direct, albeit​ loose, relationship between the growth of the money supply and the price​ level; and an indirect relationship between the growth of the money supply and GDP growth.C.There is an indirect relationship between the growth of the money supply and the price​ level; and an indirect relationship between the growth of the money supply and GDP growth.D.There is a​ direct, albeit​ loose, relationship between the growth of the money supply and the price​ level; and a direct relationship between the growth of the money supply and GDP growth.

How does the size of a​ country's GDP affect the quality of life of the​ country's people?A.When GDP is​ high, production from the underground​ economy, and therefore the crime​ rate, is high.B.There is an inverse relationship between GDP and quality of life.C.​Generally, the more goods and services people​ have, the worse off they are.D.​Generally, the more goods and services people​ have, the better off they are.

14-1 Which of the following defines the "medium of exchange" function of money?A) to provide a common measurement of the relative value of different goods and servicesB) the ability of money to hold value over timeC) the materials used to manufacture money are of medium grade so that people will not hoard money for its commodity valueD) money that is widely accepted in exchange for goods and services

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