Money is the standard of exchange by which any type of goods can be purchased
Indicate whether the statement is true or false
TRUE
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Economic efficiency is achieved when there is a market outcome in which the marginal benefit to consumers of the last unit produced is equal to its marginal cost of production and
A) the difference between consumer surplus and producer surplus is maximized. B) economic surplus is minimized. C) consumer surplus plus producer surplus is maximized. D) economic surplus plus consumer surplus equals producer surplus.
The current debate about fiscal and monetary policy tends to focus on
A. which policy is less destabilizing. B. which policy is more effective. C. whether the Fed can control the money supply. D. which policy works more quickly.
In the above figure, over the price range P1P2, demand is
A. perfectly elastic. B. inelastic. C. unit elastic. D. elastic.
Suppose the reserve requirement is 10 percent. If a bank has $5 million of checkable deposits and actual reserves of $500,000, the bank:
A. can safely lend out $500,000. B. can safely lend out $5 million. C. can safely lend out $50,000. D. cannot safely lend out more money.