If expected future income increases, then
A) the supply of loanable funds increases.
B) the quantity of loanable funds supplied decreases.
C) the supply of loanable funds decreases.
D) the demand for loanable funds decreases.
E) the quantity of loanable funds demanded increases.
C
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In Nebbia v New York (1934), the doctrine of Munn v Illinois (1877)
(a) was held to be irrelevant. (b) was upheld for all cases. (c) was upheld for interstate commerce. (d) was overturned explicitly.
The government is most likely to block a proposed merger between two companies when:
A. the cross-elasticity between the companies' products is positive and large. B. the income elasticity of the companies' products is negative. C. the cross-elasticity between the companies' products is negative and large. D. the income elasticity of the companies' products is positive.
Figure 3.3 illustrates the supply and demand for t-shirts. If the actual price of t-shirts is $7, there is an:
A. excess demand of 8 t-shirts. B. excess supply of 8 t-shirts. C. excess demand of 10 t-shirts. D. excess supply of 10 t-shirts.
A payment for the use of any resource over and above its opportunity cost is called
A. accounting profit. B. normal cost. C. economic profit. D. economic rent.