Most economies in the world are
a. traditional.
b. market.
c. command.
d. mixed.
d. mixed.
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If, in the market for money, the quantity of money demanded exceeds the money supply, the interest rate will
A. fall, causing households and businesses to hold more money. B. rise, causing households and businesses to hold more money. C. fall, causing households and businesses to hold less money. D. rise, causing households and businesses to hold less money.
People anticipate inflation will be 3 percent during the next several years. If this is true, when the real interest rate is 4 percent, the money interest rate will be
a. 1 percent. b. 3 percent. c. 4 percent. d. 7 percent.
Which statement is false?
A. The concept of margin, or marginal is central to economic analysis. B. Productivity is measured by output per unit of input. C. MRP declines as more and more units of a factor are used. D. None of the statements are false.
Suppose you hear Professor I.M. Dismal say, "There is no substitute for carefully reading your textbook!" In the real world, students
A) will always and absolutely obey their professor's orders. B) will purchase the textbook regardless of its price. C) will often find what they believe are useful substitutes for reading the text. D) will have a vertical demand curve for textbooks.