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The banking system currently has $10 billion of reserves, none of which are excess. People hold only deposits and no currency, and the reserve requirement is 10%. If the central bank raises the reserve requirement ratio to 20% and at the same time buys $1 billion dollars of bonds, then by how much does the money supply change? ()

A. It falls by $45 billion.
B. It falls by $52 billion.
C. It falls by $55 billion.
D. None of the above is correct.

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According to the classical dichotomy, when the money supply doubles which of the following double? ()

A. the price level and nominal GDP
B. the price level and real GDP
C. only real GDP
D. only the price level

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If the reserve ratio is 10 percent, banks do not hold excess reserves and people hold only deposits and not currency, when the central bank sells $10 million dollars of bonds to the public, bank reserves ()

A. increase by $1 million and the money supply eventually increases by $10 million.
B. increase by $10 million and the money supply eventually increases by $100 million.
C. decrease by $1 million and the money supply eventually increases by $10 million.
D. decrease by $10 million and the money supply eventually decreases by $100 million.

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Suppose that 25 years ago a country had nominal GDP of $1,000, a GDP deflator of 200, and a population of 100. Today it has nominal GDP of $3,000, a GDP deflator of 400, and population of 150. What happened to the real GDP per person? ()

A. It more than doubled.
B. It increased, but it less than doubled.
C. It was unchanged.
D. It decreased.

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Suppose GDP consists of wheat and rice. In 2005, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of rice are sold at $2 per bushel. In 2004, the price of wheat was $2 per bushel and the price of rice was $1 per bushel. Using 2004 as the base year, it follows that, for 2005, ()

A. nominal GDP is $100, real GDP is $50, and the GDP deflator is 50.
B. nominal GDP is $50, real GDP is $100, and the GDP deflator is 200.
C. nominal GDP is $100, real GDP is $50, and the GDP deflator is 200.
D. nominal GDP is $40, real GDP is $100, and the GDP deflator is 50.

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A. It falls by $45 billion. B. It falls by $52 billion. C. It falls by $55 billion. D. None of the above is correct.

According to the classical dichotomy, when the money supply doubles which of the following double? ()

If the reserve ratio is 10 percent, banks do not hold excess reserves and people hold only deposits and not currency, when the central bank sells $10 million dollars of bonds to the public, bank reserves ()

Suppose that 25 years ago a country had nominal GDP of $1,000, a GDP deflator of 200, and a population of 100. Today it has nominal GDP of $3,000, a GDP deflator of 400, and population of 150. What happened to the real GDP per person? ()

Suppose GDP consists of wheat and rice. In 2005, 20 bushels of wheat are sold at $4 per bushel, and 10 bushels of rice are sold at $2 per bushel. In 2004, the price of wheat was $2 per bushel and the price of rice was $1 per bushel. Using 2004 as the base year, it follows that, for 2005, ()

A. It falls by $45 billion.
B. It falls by $52 billion.
C. It falls by $55 billion.
D. None of the above is correct.