David has just ordered a smartphone only to be told that she will have to wait one month for it to be delivered. Which of the following statements is TRUE?
A) The smartphone is not a scarce good.
B) The smartphone is an economic good.
C) The smartphone is human capital.
D) The smartphone is an intangible good.
Answer: B
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Define X = exports, M = imports, S = saving, I = investment, T = net taxes, G = government expenditure. Which of the following formulas is correct?
A) X - M = S - I - T - G B) X - M = S - I + T - G C) X - M = S + I + T - G D) X - M = S + I -T + G E) X - M = S + I +T + G
Between points "b" and "c" in the above figure, the opportunity cost of 250 more bushels of corn is
A) 200 yards of cloth. B) 250 yards of cloth. C) 600 yards of cloth. D) 800 yards of cloth.
Which economist argued that high tax rates can produce less tax revenues?
a. Robert Ferber b. A. W. Phillips c. Alex Maxwell d. Frantisek Bass e. Arthur Laffer
Considering the market for loanable funds as depicted in the given graph, a change that increased the quantity people want to save at any given interest rate would cause a new equilibrium at a:
A. higher interest rate and a lower equilibrium quantity of funds saved and invested. B. lower interest rate and a higher equilibrium quantity of funds saved and invested. C. higher interest rate and a higher equilibrium quantity of funds saved and invested. D. lower interest rate and a lower equilibrium quantity of funds saved and invested.