When commercial banks extend loans, they are able to expand the supply of money in the United States because the U.S. has
a. a fiat supply of money.
b. money that is backed by gold.
c. a fractional reserve banking system.
d. a system of federal deposit insurance.
C
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Gross domestic product is the total ________ produced within a country in a given time period
A) market value of all final and intermediate goods and services B) market value of all goods and services C) amount of final and intermediate goods and services D) market value of all final goods and services
If a city decides to lift restrictions of how many taxi cabs can operate, social welfare will increase
What will be an ideal response?
Which of the following was not one of Malthus assumptions?
a. stable prices b. production with only two inputs - land and labor c. a fixed supply of land d. human desire to increase the population
Marginal resource cost is defined as the
a. additional cost of producing an additional unit of output b. change in resource employment required to increase the units of output produced c. ratio of marginal revenue product to the market price of the output sold d. additional cost of employing one additional unit of a resource e. ratio of the change in total resource usage to the change in total resource cost