Which of the following factors changes saving supply and hence shifts the supply of loanable funds curve?
i. disposable income
ii. wealth
iii. expected profit
A) i only B) ii only C) iii only D) i and ii E) i, ii, and iii
D
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Marginal cost is defined as:
A) the change in total cost due to a one unit change in output. B) total cost divided by output. C) the change in output due to a one unit change in an input. D) total product divided by the quantity of input.
Suppose that at the current level of output, price = $12, MC = $14, AVC = $7, and ATC = $9. Which of the following is TRUE?
A) The firm should decrease output. B) The firm should shut down. C) The firm should increase output. D) The firm should maintain the current level of output.
Goods that are both non-excludable and non-rival are referred to as _____
a. common resources b. natural resources c. public goods d. private goods
When a nation first begins to trade with other countries and the nation becomes an importer of corn,
a. this is an indication that the world price of corn exceeds the nation's domestic price of corn in the absence of trade. b. this is an indication that the nation has a comparative advantage in producing corn. c. the nation's consumers of corn become better off and the nation's producers of corn become worse off. d. All of the above are correct.