The financial market that can raise money for corporations, governments, and households is the:
a. stock market
b. bond market.
c. loanable funds market.
d. credit union market.
c
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When Sam's annual income was only $15,000, he purchased 50 pounds of bananas a year. When his income rose to $18,000, he purchased 55 pounds a year. Therefore
A) for Sam, bananas are an inferior good. B) his income elasticity of demand for bananas is negative. C) his income elasticity and price elasticity of demand for bananas are both greater than one. D) for Sam, bananas are a normal good.
In the ________, two duopolists compete by simultaneously selecting price
A) Cournot model B) Nash model C) Bertrand model D) kinked-demand model E) none of the above
Suppose the following information describes the economy:Consumption8000Investment1,000Government purchases1,000Net exports0Government transfers and interest payments500Government tax collections1,700Private saving equals ________; public saving equals ________; national saving equals ________.
A. 1,000; 800; 1,000 B. 800; 200; 600 C. 1,500; 700; 2,700 D. 800; 200; 1,000
Related to the Economics in Practice on page 26: Which one of the following occurs when an individual enters the paid work force?
A. The opportunity cost of time for housework increases, because money earned at a job can allow individuals to pay someone to do household chores that the individuals used to do themselves. B. The opportunity cost of time for housework decreases, because increased earning power makes individuals less likely to do their own housework. C. The opportunity cost of time for housework increases, because time spent on housework could be spent on money-earning activities. D. The opportunity cost of time for housework decreases, because as more people enter the work force, businesses have greater incentives to develop innovations that make housework more efficient.