Suppose Tim has $1,000 in cash on hand to buy collectable baseball cards at a swap meet. Tim often sells these cards at a profit. This is an example of the
A. asset demand for money.
B. precautionary demand for money.
C. wealth demand for money.
D. transaction demand for money
Answer: A
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If total Fed liabilities __________, then reserves have to __________, everything else being equal
A) fall; rise B) rise; rise C) fall; fall D) None of the above.
If the legal minimum wage rate were set at $15/hour,
A. employment would decline substantially. B. employment would decline slightly. C. employment would not be affected. D. employment would rise slightly.
Have Malthus' predictions about population growth come TRUE?
A. yes, as evidenced by the famine and food shortages affecting every nation today B. Yes. The world's food supply, measured by calories per person, continues to fall. C. no, because modern birth control has limited population growth in all nations D. no, because the world's food supply has grown much more rapidly than Malthus foresaw
If a firm's demand curve is perfectly elastic, then at the profit-maximizing level of output
A. P = MR = MC. B. P < MR < MC. C. P > 0 and MR = 0. D. P > MR > MC.