Which is a determinant of the demand for housing?
a. The price of lumber
b. Changes in the expected future price of housing
c. The price of housing
d. Wages for electricians
Answer: b. Changes in the expected future price of housing
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The marginal benefit is the
A) additional gain from one more unit of an activity. B) additional cost from one more unit of an activity. C) loss of the highest-valued alternative. D) additional gain from one more unit of an activity minus the additional cost from one more unit of the activity.
Economists estimate that the total lag for monetary policy is about:
a. 1-2 days. b. 2 weeks to 1 month. c. 3-12 months. d. 2-4 years.
The increased costs of transactions caused by inflation are known as _____
a. menu costs b. shoe-leather costs c. unit-of-account costs d. direct costs
The quantity of reserves that banks must hold against deposits is called
A) the reserve ratio. B) excess reserves. C) total reserves. D) required reserves.