In the market for loanable funds, the demand curve:
A. reflects that more people will choose to save the higher is the interest rate.
B. is upward sloping.
C. is downward sloping.
D. represents savers.
Answer: C
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To describe recessions as a "cluster of errors" in the economy means
A) markets never clear, even in the best of times. B) something has caused people to systematically misread the signals provided by the market process. C) the laws of supply and demand have failed to work. D) monopolies force people out of work.
What will happen to the equilibrium price and equilibrium quantity of ice cream cones when consumers' incomes decrease?
A) If ice cream cones are a normal good, then the equilibrium price and quantity of ice cream cones will decrease. B) If ice cream cones are a normal good, then the equilibrium price and equilibrium quantity of ice cream cones will increase. C) If ice cream cones are an inferior good, then the equilibrium price for an ice cream cone will increase and the equilibrium quantity of ice cream cones will decrease. D) If ice cream cones are an inferior good, then the equilibrium price and quantity of ice cream cones will decrease.
Unemployment in the United States varies considerably over time
a. True b. False Indicate whether the statement is true or false
Suppose your grandfather put $10,000 in the bank in 1965 at an annual interest rate of 7%. Using the Rule of 70, approximately how large should the bank balance be in 2015?
a. $50,000 b. $60,000 c. $80,000 d. $320,000