Shortage
What will be an ideal response?
A situation in which quantity demanded is greater than quantity supplied.
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In the above figure, the economy is at point a on the initial supply of loanable funds curve SLF0. What happens if real wealth decreases?
A) Nothing; the economy would remain at point a. B) There would be a movement to a point such as b on supply of loanable funds curve SLF0. C) The supply of loanable funds curve would shift rightward to a curve such as SLF2. D) The supply of loanable funds curve would shift leftward to a curve such as SLF1.
Under laissez faire, society's decisions about how much of every product to produce depend on
a. consumer preferences only. b. production costs only. c. consumer preferences and production costs. d. neither consumer preferences nor production costs.
The social contract is an idea from:
a. Marx b. Ricardo c. Smith d. Locke e. Hayek
_______________________ specifies the relation between technology and the factor inputs to output
A) Neoclassical growth theory B) Meta-ideas C) The LRAS curve D) A production function