A small, one-unit change in value is called a marginal change.
Answer the following statement true (T) or false (F)
True
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The real-balance effect shows that
A) aggregate demand is upward sloping. B) a higher price level leads to higher interest rates. C) a lower price level will increase the purchasing power of currency and increase personal consumption. D) consumption and the price level are positively correlated.
Human capital refers to
a. manufactured goods that humans use in the production of goods b. capital goods that enhance human abilities to produce goods c. knowledge and skills acquired by labor through education and training d. unskilled labor, as distinct from physical capital or skilled labor e. labor and capital used together in production
Seymour owns 3 acres of beautiful waterfront property on a large inland lake. In his will, Seymour donates the land to the state with the understanding that the land will be used as a state beach that anyone may use without paying any fees. This state beach
a. will tend to be overused because it is nonexcludable. b. is a common resource when it becomes crowded on sunny summer weekends. c. is rival in consumption when it becomes crowded on sunny summer weekends. d. All of the above are correct.
Which of the following is a reason people choose to hold more cash?
a) Interest rates paid on savings and checking accounts at the bank rise dramatically. b) Consumers have more faith in the stability and safety of the financial system. c) Interest rates paid on savings and checking accounts at the bank are near zero. d) Holding cash becomes less convenient.