Saving and borrowing is indicative of a family that
a. is most likely to be poor.
b. has a difficult time balancing its standard of living.
c. does not adjust its standard of living to reflect transitory changes in income.
d. is most likely millionaires.
c
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In the short run, we assume that the number of firms in a perfectly competitive market:
A. varies if perfect information is present. B. is fixed. C. is equal to the number of firms in the long-run. D. varies more than the long-run equilibrium.
The two industries most commonly receiving protection are:
A. agriculture and steel. B. automobiles and pharmaceutica ls. C. agriculture and clothing. D. pharmaceutica ls and steel
When contractionary monetary policy increases the interest rate, it causes the price level to:
A. decrease, and output to increase. B. rise, and output to decrease. C. rise, and output to increase. D. decrease, and output to decrease.
Average variable costs are minimized when:
A. marginal costs begin to increase. B. marginal costs begin to decrease. C. marginal cost is greater than average total cost. D. marginal cost equals average variable cost.