Which of the following statements about scarcity is TRUE?
A) Scarcity is no longer a problem for industrialized countries.
B) Scarcity exists in all societies.
C) Scarcity is a problem only for greedy people.
D) Scarcity is a problem only in countries that do not use markets to organize economic activity.
Answer: B
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Refer to Figure 5-2. The efficient output level is
A) Qd. B) Qb. C) Qb - Qd. D) Qa.
It is the job of ________ to channel funds from ________
A) the Federal Reserve, borrowers to lenders B) the Federal Reserve, lenders to borrowers C) financial intermediaries, borrowers to lenders D) financial intermediaries, lenders to borrowers
Define the following terms and explain their importance to the study of economics:
a. regressive tax b. proportional tax c. progressive tax d. direct tax e. indirect tax
Each of the following can contribute to the change in the supply of loans resulting from an interest rate change, except:
A. changes in the potential of moral hazard. B. increases in the demand for loans. C. changes in the percentage of loan payment to income. D. changes in borrowers' net worth.