Which of the following is a tool that economists use to explain why the demand curve has a downward slope?
a. the law of demand
b. rules of thumb
c. the law of diminishing marginal utility
d. the endowment effect
c. the law of diminishing marginal utility
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A bank receives a demand deposit of $3,000 . The bank loans out $1,800 of this deposit and increases its excess reserves by $300 . What is the required reserve ratio?
a. 10% b. 30% c. 40% d. 60%
In which of the following cases can we be certain that a natural resource has become scarcer?
a. both the demand for the resource and the supply of the resource have increased b. both the demand for the resource and the supply of the resource have decreased c. demand for the resource is unchanged and the supply of the resource has increased d. the demand for the resource has decreased and the supply of the resource is unchanged
_________ include inflationary conditions, significant competition, high interest rates, weak economic indicators, shrinking of the money supply by the government, and the political environment.
a. Internal constraints b. External constraints c. Budgets d. Economic environments e. Balance sheets
In 2017, President Trump's major tax cut included a cut in the corporate tax rate from:
A. 35 to 22 percent. B. 29 to 24 percent. C. 48 to 23 percent. D. 50 percent to zero.