The priority of a junior lien is based on ____________; not ____________
Fill in the blank(s) with the appropriate word(s).
Answer: the date of recording in public records, not the amount of the lien
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The direct relationship between changes in price and changes in quantity supplied is
A) a change in supply. B) shown by a shift in the supply curve. C) the law of supply. D) the law of relative production.
Import restrictions
A. cannot protect American jobs in any sector of the economy. B. hurt people who work in importing companies, but makes consumers better off. C. can protect United States jobs in the protected industry, which increases economic welfare of the country as a whole. D. can protect United States jobs in the protected industry but will also lead to job reductions in other export industries.
Under a corrective tax, _____
a. firms always have an incentive to use the least-cost method b. a one-size-fits-all tax will achieve an efficient outcome that maximizes net social welfare c. the deadweight loss caused by externality increases d. equilibrium occurs at a socially optimal level of output and a lower market price
During 2001-2004, the Fed injected additional reserves into the banking system, which reduced the federal funds rate and other short-term interest rates. Other things constant, what is the most likely short-run impact of this policy?
a. an increase in the rate of unemployment b. a reduction in the growth of employment c. an increase in aggregate demand and real GDP d. a reduction in the long-run rate of inflation