Factors of production are:
A) the resources the economy has available to produce goods and services.
B) generally unlimited in modern economies.
C) always employed in modern economies.
D) the knowledge that can be applied to the production of goods and services.
Ans: A) the resources the economy has available to produce goods and services.
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European banks began with which of the following?
a. Churches were the first bankers, lending out cash to help the poor learn a craft. b. Monarchs were the first bankers, lending out cash to help the poor learn a craft. c. Goldsmiths were the first bankers, and the paper receipts they issued for gold held on deposit became valued as money. d. Fishermen were the first bankers, and the paper receipts they issued for fish they stored in the holds of their ships became valued as money.
Suppose the U.S. supply of loanable funds shifts left. This will
a. increase U.S. net capital outflow and increase the quantity of loanable funds demanded. b. increase U.S. net capital outflow and decrease the quantity of loanable funds demanded. c. decrease U.S. net capital outflow and increase the quantity of loanable funds demanded. d. decrease U.S. net capital outflow and decrease the quantity of loanable funds demanded.
If a central bank decreases the money supply, then
a. prices, output, and unemployment rise. b. prices and output rise and unemployment falls. c. prices rise and output and unemployment fall. d. prices and output fall and unemployment rises.
In the $80 to $40 price range in Figure 20.1, demand is
A. Price-inelastic. B. Perfectly price-elastic. C. Unitary elastic. D. Price-elastic.