Answer the following questions true (T) or false (F)
1. A redwood forest is not an example of a factor of production but the harvested and processed redwood is a factor of production.
2. The idea underlying Adam Smith's "invisible hand" is that people tend to behave in ways that go unnoticed in society.
3. The payment received by suppliers of entrepreneurial skills is called rent.
1. FALSE
2. FALSE
3. FALSE
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International financial transactions are most likely to affect the U.S. monetary base when
A) the United States is in recession. B) the United States is experiencing a severe inflation. C) the Fed tries to influence the foreign-exchange value of the dollar. D) interest rates in the United States are highly variable.
A consumption function is a statement that shows the relationship between interest rates and consumption
Indicate whether the statement is true or false
A leftward shift of a supply curve is called a(n):
A. decrease in quantity supplied. B. increase in supply. C. decrease in supply. D. increase in quantity supplied.
Keyes argued that a ____________ in consumer spending would tend to depress the economy.
Fill in the blank(s) with the appropriate word(s).