For goods and services that are perfect substitutes, the consumer's indifference curves are ________ lines
A) straight, negatively sloped
B) L-shaped
C) negatively sloped, bowed-outward
D) negatively sloped, bowed-inward
A
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Starting from long-run equilibrium, a war that raises government purchases results in ________ output in the short run and ________ output in the long run.
A. lower; potential B. higher; potential C. higher; higher D. lower; higher
When an individual purchases health insurance and knows more about her family medical history than the insurance company, this is an example of adverse selection
a. True b. False Indicate whether the statement is true or false
Which of the following Gini ratios indicates the lowest degree of income inequality?
A. 0.71. B. 0.55. C. 0.31. D. 0.45.
Suppose that from a new checkable deposit, First National Bank holds two million dollars in vault cash, nine million dollars in excess reserves, and faces a required reserve ratio of ten percent
Given this information, we can say First National Bank has ________ million dollars in required reserves. A) one B) two C) eight D) ten