The isoquants for inputs that are perfect substitutes for one another consist of a series of:
a. right angles
b. parallel lines
c. concentric circles
d. right triangles
e. none of the above
b
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Money is "created" when
A. a depositor deposits money at the bank. B. people use money to pay for stuff they buy from one another. C. someone lends money to a friend or a family member. D. a bank grants a loan to a customer.
In the classical model, which of the following is treated as independent of the interest rate?
a. the quantity of loanable funds demanded by government b. the quantity of loanable funds demanded by businesses c. the total quantity of loanable funds demanded d. household saving e. the total quantity of loanable funds supplied
Suppose that the country of Libraria made a concerted effort to increase the educational level of its people. If this effort had no effect on the wages of its workers, one might consider this as evidence in support of
a. the human-capital view of education. b. the signaling view of education. c. both the human-capital and the signaling view of education. d. neither the human-capital nor the signaling view of education.
The stagflation in the United States during the 1974–1975 period can be attributed to
A. increases in real GDP due to high levels of defense spending. B. tight monetary and fiscal policies of the Nixon–Ford administrations. C. rapid increases in petroleum prices, poor harvests, and the removal of wage and price controls. D. budget deficits by the federal government and increasing trade deficits by the United States.