During the late 19th century, the U.S. price level fell. This unexpected increase in the real cost of borrowing caused wealth to be redistributed from _____ to _____
Fill in the blank(s) with correct word
debtors/borrowers, creditors/lenders
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The ratio of the price of good X on the horizontal axis to the price of good Y on the vertical axis is the ____ of the budget line
a. marginal rate b. slope c. marginal utility d. equalization rate
When the price level increases, the effect of a change in government spending on real GDP will be understated
a. True b. False Indicate whether the statement is true or false
Technically speaking, if price > AVC, then
a. TR > TC b. profit is positive c. TR > TVC d. profit is negative e. the firm should shut down
Mariko has carefully balanced her clothing spending so that she buys more of the goods that give her the most satisfaction and fewer of the goods that give less satisfaction. She has done this so successfully that she feels certain the next dollar she spends on clothing will give her the exact same amount of satisfaction no matter what she buys. Mariko is at the point of ______.
a. consumer equilibrium b. diminishing marginal utility c. the substitution effect d. total utility