Which is not a factor of production?
a. Capital
b. Money
c. Land
d. Labor
b. Money
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A decline in interest rates tends to expand the economy by
A. encouraging private investment and decrease in bank lending. B. appreciating the currency and lowering the profitability criterion for investments. C. decreasing the cost of capital and reducing net exports. D. depreciating the currency and raising net exports.
Classical economists tend to
A) support Say's law. B) see unemployment as a persistent economic problem. C) reject the equality of savings and investment. D) believe in Keynesian economics.
In the above figure, the shift in the supply curve from S to S2 might reflect
A) a decrease in the cost of the tomato sauce used to produce pizza. B) a decrease in the number of pizza producers. C) an increase in the price of a pizza. D) an increase in income if pizza is a normal good. E) an increase in the price of a good that is a substitute for consumers.
Which is the most important function of the Federal Reserve System?
A. Setting reserve requirements. B. Lending money to banks and thrifts. C. Controlling the money supply. D. Acting as the fiscal agent for the U.S. government.