The market where borrowers obtain funds from savers is referred to as the:
A) capital market. B) exchange market. C) spot market. D) credit market.
D
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The government sometimes creates an excess demand for a product by setting a maximum price at which the product may be sold to consumers. This is sometimes called a
A) subsidy. B) price floor. C) tax. D) price ceiling.
If the government uses fiscal policy to close a recessionary gap, government
A) expenditure must be increased by more than the gap because of the government expenditure multiplier. B) taxes must be cut by more than the gap because of the tax multiplier. C) expenditure can be increased by less than the gap because of the government expenditure multiplier. D) taxes can be raised by less than the gap because of the tax multiplier. E) taxes must be raised by more than the gap because of the tax multiplier.
Marginal physical product is
A. the increase in input usage resulting from an increase in revenue. B. the same as marginal revenue product. C. equal to average physical product when a monopoly firm is in equilibrium. D. the increase in output stemming from a one-unit increase in input.
Which statement is true?
A. The National Football League, Major League Baseball, and the National Basketball Association are all monopsonies. B. Professional baseball, basketball, and football all used to be monopsonies, but ceased to be with the emergence of free agent bargaining. C. Professional sports are not now, nor ever were monopsonies. D. None of these statements are true.