From the standpoint of economic growth, banks are important to
What will be an ideal response?
channel savings into investmment
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If a good has an external benefit, efficiency can be achieved by
A) leaving the market unregulated. B) monopolizing the market. C) offering a private subsidy on the good equal to the external benefit. D) imposing a tax on the good equal to the external benefit.
According to age-earnings data,
A. lower-educated workers have similar earnings at age 65 as higher-educated workers. B. investments in education result in higher earnings. C. high earnings are due to motivation and innate ability, rather than education. D. there is no clear relationship between education and worker productivity.
In general, the development of underground economic activity ________ economic efficiency
A) hinders B) has no effect C) aides D) hard to tell, sometime hinders, sometimes aides E) spikes
Which of the following is an example of fiat money?
A) a cowry shell used as money on a South Pacific island B) a gold coin used as money in nineteenth century England C) a Federal Reserve Note used as money in the twenty-first century United States D) a pound of salt used as money in medieval France