In the long run, what determines the value of money?
A) real GDP
B) money market equilibrium
C) the government budget balance
D) international trade
E) equilibrium in the loanable funds market
B
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A duopoly is a form of
A) perfect competition. B) monopolistic competition. C) oligopoly. D) monopoly.
A linear demand for lake front cabins on a nearby lake is estimated to be: QD = 900,000 - 2P. What is the point price elasticity for lake front cabins at a price of P = $300,000? [HINT: Ep = (?Q/?P)(P/Q)]
a. EP = -3.0 b. EP = -2.0 c. EP = -1.0 d. EP = -0.5 e. EP = 0
Banks have more expertise than individual households in making loans because banks: a. lend smaller amounts of money
b. are regulated by the government. c. also pay interest to savers. d. are subject to severe penalties if they make bad loans. e. make many more loans than individual households do.
If a nation has the lowest opportunity cost of producing a good, that nation has a(n) ________ in the production of that good.
A. comparative advantage B. comparative advantage and an absolute advantage C. absolute advantage D. absolute advantage and possibly a comparative advantage