Resource use is efficient when production is such that marginal social benefit is
A) greater than marginal social cost.
B) equal to marginal social cost.
C) less than marginal social cost.
D) at its maximum value.
B
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In the ISLM framework, monetary policy has the greatest impact on equilibrium income when
A) money demand = money supply. B) money demand is infinitely elastic. C) the interest rate is low. D) the investment function is highly interest-sensitive.
When the supply of money rises, interest rates _____.
Fill in the blank(s) with the appropriate word(s).
Today, the value of U.S. currency is backed by ______.
a. people’s faith in its ability to be converted into services and goods b. insurance provided by the Federal Deposit Insurance Corporation c. the silver standard due to its role in the international market d. the gold standard, with some account for digital currencies
An increase in demand is shown graphically by a shift of the demand curve to the _______.
Fill in the blank(s) with the appropriate word(s).