Wealth is defined as the:
A. value of monetary assets.
B. value of assets that can be converted to cash on short notice.
C. value of all assets minus the money that is owed.
D. total amount of income earned in a one-year period.
Answer: C
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The elasticity of supply does NOT depend on
A) resource substitution possibilities. B) the fraction of income spent on the product. C) the time elapsed since the price change. D) none of the above because all of the factors listed affect the elasticity of supply.
Which of the following statements most accurately describes the role of banks in the United States between the Civil War and WWI?
a. The U.S., which had the largest economy in the world, also had the largest banks in the world. b. Banking reforms increased the ability of state banks to issue their own notes. c. Compared to state banks, national banks generally had higher reserve requirements and more restrictions on how they could handle their assets. d. Those who borrowed money at fixed interest rates gain significantly during deflationary periods.
Under laissez-faire, the allocation of resources among different products depends on
A. consumer preferences. B. production costs. C. Both a and b are correct. D. Neither a nor b is correct.
List three characteristics of a bond that would make its interest rate higher than otherwise