Both the ____ and the ______ issue bank charters.
Fill in the blank(s) with the appropriate word(s).
states and the federal government
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The LM curve shows points of equilibrium in the money market and combinations of
A) inflation and unemployment. B) aggregate supply and aggregate demand. C) income and the interest rate. D) money supply and money demand.
Answer the following statement(s) true (T) or false (F)
1 A farmer has a comparative advantage at growing wheat if his cost of growing wheat is smaller than his cost of growing any other crop. 2. A farmer has a comparative advantage at growing wheat if his cost of growing wheat is less than the cost of another farmer growing wheat. 3. By definition, someone who has an absolute advantage must also have a comparative advantage. 4. If there are only two activities on which a person can work, and there are two people to do the work, then it is impossible for one person to have a comparative advantage in both activities. 5. By definition, someone who has a comparative advantage in producing soft drinks must also have an absolute advantage in producing soft drinks.
Suppose that the Fed makes a $100 billion open-market sale of Treasury bonds, and the money multiplier is 6 . Which of the following impacts aremostlikely to result?
a. The money supply shifts inward, and the equilibrium interest rate rises in the money market. b. The money supply shifts outward, and the equilibrium interest rate falls in the money market. c. Investment declines, causing the aggregate demand curve to shift leftward, reducing equilibrium real GDP and thus slowing the economy. d. Both a. and c. are correct. e. Both b. and c. above are correct.
Under monopoly
A. too small a share of society’s resources is used to produce the monopolized commodity. B. Adam Smith’s invisible hand assures efficient resource allocation. C. too large a share of society’s resources is being used to produce the monopolized commodity. D. MC > MU.