Economics is a part of the
A. hard sciences.
B. social sciences.
C. natural sciences.
D. biological sciences.
Answer: B
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Why is the demand for loanable funds downward sloping?
A) People save less when the interest rate is low. B) More people borrow money when interest rates are low than when they are high. C) Fewer investment projects have returns that can beat higher interest rates, so people are more willing to invest at higher interest rates. D) People save more when the interest rate is high.
Answer the following statement true (T) or false (F)
1) If price and total revenue are directly related, demand is inelastic. 2) If price changes and total revenue changes in the opposite direction, demand is relatively elastic. 3) Cross elasticity of demand measures the effect of a change in the price of one product on the quantity demanded of another product. 4) Income elasticity measures the effect of a change in income on the purchases of some good or service. 5) If the coefficient of income elasticity of demand is positive, the product is an inferior good.
Which of the following is a category of national income?
A. net interest B. corporate profits C. rental income D. All of these
A price ceiling of $8 placed on the market in the graph shown:
A. is binding, and causes a surplus. B. is non-binding, and does not affect the market. C. is non-binding, and does not prevent the market from reaching equilibrium. D. is binding, and causes a shortage.