Resource demand has grown over time:
A. because of population growth only.
B. because of increased consumption per person only.
C. because of both increased population and greater consumption per person.
D. despite decreases in population and consumption per person.
Answer: C
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A bank is legally required to hold a fraction of its ________ as ________
A) loans; required reserves B) deposits; required reserves C) loans; excess reserves D) deposits; excess reserves
Refer to Figure 7-5. With insurance and a third-party payer system, what is the amount of the deadweight loss?
A) $0 B) $2,500 C) $5,000 D) $24,000
In an economy where actual real GDP is always equal to the natural real GDP, inflation
A) settles down to zero percent. B) is at the same rate as GDP growth. C) is constant at a rate that can be low or high. D) fluctuates around an average of zero percent.
The Keynesian consumption function and the theory of intertemporal choice are consistent for households ________
A) with a binding budget constraint B) with little or no initial wealth C) whose consumption remains positive, even if income is zero D) whose consumption cannot exceed current income