The _____ is the interest rate at which banks make overnight loans to other banks
Fill in the blank(s) with correct word
federal funds rate
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Assume toys are produced using only labor and wood. Which of the following best describes the cost of producing toys?
a. The number of dollars that the laborer spends to purchase the wood. b. The amounts of labor and wood used in the production process. c. The alternative uses that could be found for the labor and wood. d. The monetary value of the labor and wood used.
Which of the following is NOT classified as an advanced economy?
A) Hong Kong B) South Korea C) Russia D) Australia E) the United Kingdom
Private subsidies granted to producers affect
A) the supply side of the market by shifting the supply curve. B) the demand side of the market by shifting the demand curve. C) property rights. D) transaction costs. E) both the supply side of the market and the demand side because they shift both the supply curve and the demand curve.
The term "scarcity" in economics can refer to the fact that:
A. even in the richest country some people go hungry. B. no country can produce enough products to satisfy everybody's economic wants. C. it is impossible to produce too much of any particular good or service in a market economy. D. economic wants are limited and resources are abused.