Refer to Scenario 7.7 below to answer the question(s) that follow. SCENARIO 7.7: A lawn service company has the following production possibilities. With one, two, three, and four workers, the company can mow 4, 9, 12, and 14 lawns per day, respectively. Refer to Scenario 7.7. Diminishing returns to labor set in with the ________ worker.
A. first
B. second
C. third
D. fourth
Answer: C
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The higher the nominal interest rate, the
A) greater the opportunity cost of holding money. B) lower the quantity of money demanded. C) more the demand for money curve shifts leftward. D) Both answers A and B are correct.
Government goods are provided to the consumer at a zero price. This means that
A) the cost to society is zero. B) the political system is run by proportional rule. C) people are getting something for nothing. D) the cost of the goods is the value of the resources used to produce the good.
If banks choose not to lend out their excess reserves, the money supply will not expand
a. True b. False Indicate whether the statement is true or false
Monetarists would argue that in the short run, increases in the money supply act to raise both investment and consumption, while also increasing the price level
a. True b. False Indicate whether the statement is true or false