Liquidity preference refers directly to Keynes' theory concerning
A. the effects of changes in money demand and supply on interest rates.
B. the effects of changes in money demand and supply on exchange rates.
C. the effects of wealth on expenditures.
D. the difference between temporary and permanent changes in income.
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Liquidity preference theory is most relevant to the
A. short run and supposes that the price level adjusts to bring money supply and money demand into balance.
B. short run and supposes that the interest rate adjusts to bring money supply and money demand into balance.
C. long run and supposes that the price level adjusts to bring money supply and money demand into balance.
D. long run and supposes that the interest rate adjusts to bring money supply and money demand into balance.
The theory of liquidity preference assumes that the nominal supply of money is determined by the
A. level of real GDP.
B. rate of inflation.
C. interest rate.
D. the Federal Reserve.
According to liquidity preference theory, the money supply curve would shift right
A. if the money demand curve shifted right.
B. if the Federal Reserve chose to increase money supply.
C. if the interest rate increased.
D. All of the above are correct.
When the Fed buys government bonds, the reserves of the banking system
A. increase, so the money supply increases.
B. increase, so the money supply decreases.
C. decrease, so the money supply increases.
D. decrease, so the money supply decreases.
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