Holding money as a medium of exchange to make payments is
A) the capital demand for money. B) the transactions demand for money.
C) the precautionary demand for money. D) the asset demand for money.
B
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A public good
A. is available to all and cannot be denied to anyone. B. is characterized by rivalry and excludability. C. can be profitably produced by private firms. D. produces no positive or negative externalities.
Rent seeking ________
A) increases consumer surplus B) occurs only when the firm practices perfect price discrimination C) increases deadweight loss D) results in a larger output than a competitive industry would produce
If per capita output increases by 5 percent and output grows by 3 percent, the population must be:
A. increasing at a rate of 2 percent. B. increasing at a rate of 8 percent. C. falling at a rate of 2 percent. D. falling at a rate of 8 percent.
Countries often have to choose between producing military or consumer goods, a trade-off economists call ____________ .
a. export or import. b. a free market economy. c. farm goods or factory goods. d. guns or butter.