According to Angus Madison, a Leading Authority in the Area

question 34

Multiple Choice

According to Angus Madison, a leading authority in the area, world per capita GDP

• A)increased by about 50 percent during the 800 years following year 1000, but it increased by nearly tenfold during the past 200 years.
• B)increased by nearly tenfold during the 800 years between 1000 and 1813, but it increased by only 50 percent during the past 200 years.
• C)has grown steadily during the past 1000 years.
• D)Grew at an annual rate of more than 2 percent during 1000-1813, but the annual growth rate has declined as the population increased during the past 200 years.

Understand the various motives for holding money and how they influence individual and economic decisions.

Recognize the role of financial intermediaries and their importance in channeling savings to borrowers.

Identify and explain the functions of money within an economy.

Grasp the components of the money supply (M1 and M2) and their significance.

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