Which of the following is not one of the three fundamental economic questions?
a. What happens when you add to or subtract from a current situation?
b. For whom to produce?
c. How to produce?
d. What to produce?
a
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The banking system creates money in the sense that it: a. prints money
b. creates excess reserves from loans. c. creates loans from excess reserves. d. creates required reserves from loans. e. creates loans from required reserves.
If the seller of a good gets less than his/her opportunity cost and the buyer pays more than his/her valuation of the good, economic value is created
Indicate whether the statement is true or false
If the usury law set the interest rate ceiling at 21%, how much of a shortage of loanable funds would there be?
The figure below illustrates the market for British pounds. D£ and S£ are the nonofficial demand and supply curves of the British pounds, respectively.
Who among the following groups will most likely benefit if the exchange rate is pegged at $2.50 per pound?
A. British importers B. Import-competing producers in the U.K. C. U.S. importers D. British exporters