Three macroeconomic factors that affect the demand for money are:
A. capital, labor, and technology.
B. globalization, skill-biased technological change, and labor mobility.
C. the nominal interest rate, real income, and the price level.
D. the nominal interest rate, capital, and labor.
Answer: C
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Factors of production are the most likely to earn economic rent when they:
A. are used by many different firms. B. are fixed in the short run. C. have high reservation prices. D. cannot easily be duplicated.
Under the Social Security program currently in existence
A) benefits are based on need. B) benefits are determined by whether or not one contributed to the system. C) benefits are provided to everyone who contributed to the system EXCEPT those under private retirement programs that provide an annual income in excess of $13,500. D) benefits are guaranteed to be no lower for future retirees than for current retirees.
The demand for Ben & Jerry's ice cream is _________________ than is the demand for all ice cream because _______________.
A. less price elastic; the scope of the market for Ben & Jerry's is less broadly defined B. more price elastic; the scope of the market for Ben & Jerry's is less broadly defined C. less price elastic; Ben & Jerry's has fewer available substitutes D. more price elastic; Ben & Jerry's has fewer available substitutes
Assume the total utilities corresponding to the first four units of a product consumed are 8, 12, 14, and 15, respectively. The marginal utility of the second unit consumed is:
a. 0. b. 4. c. 12. d. 20.