With an increase in income, a consumer can increase the quantity consumed of
a. only good Y.
b. only good X.
c. either good, but not both.
d. either or both.
d. either or both.
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Diminishing marginal returns occurs when
A) all inputs are increased and output decreases. B) all inputs are increased and output increases by a smaller proportion. C) a variable input is increased and output decreases. D) a variable unit is increased and its marginal product falls.
At higher interest rates, fewer people or firms will want to borrow. At lower interest rates, fewer people or firms will want to save
a. True b. False Indicate whether the statement is true or false
When does a shortage occur?
a. When price is less than equilibrium price. b. When goods are scarce. c. When quantity demanded is less than quantity supplied. d. When quantity demanded exceeds quantity supplied at the equilibrium price. e. When some of the people who need the product are not willing and able to buy it at the equilibrium price.
Which of the following is NOT included in the MZM definition of money?
A) currency.
B) money market funds.
C) travelers checks.
D) small-denomination time deposits.