One of the great strengths of the market system is the way it acts as an engine of economic growth and innovation
a. True
b. False
Indicate whether the statement is true or false
True
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Suppose there is a bank panic. Which of the following would not be a consequence of this bank panic?
A) Bank total reserves would decrease. B) Bank checking account balances would decrease. C) Required reserves would increase. D) The economy would likely enter into a recession. E) Individual banks would have to shrink the value of loans they made.
________: the amount by which the quantity supplied exceeds the quantity demanded at a particular market price
Fill in the blank(s) with correct word
When social costs for using a scarce resource are included, then there is
A. a decrease in the price of the good. B. a decrease in the production of the good. C. a negative externality. D. a positive externality.
Microeconomic models focus on the behavior of
a. all households, businesses, and government sectors at the same time b. the household sector as a whole c. individual households and business firms d. individual households, business firms, and government agencies e. the business and government sectors