A decrease in expected future income leads to a
A) leftward shift of the supply of loanable funds curve.
B) leftward shift of the demand for loanable funds curve.
C) rightward shift of the demand for loanable funds curve.
D) downward movement along the supply of loanable funds curve.
E) rightward shift of the supply of loanable funds curve.
E
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Starting from long-run equilibrium, a large tax increase will result in a(n) ________ gap in the short-run and ________ inflation and ________ output in the long-run.
A. recessionary; lower; potential B. expansionary; lower; potential C. expansionary; higher; potential D. recessionary; lower; lower
The benevolent social planner engages in
A) positive economic analysis. B) normative economic analysis. C) both positive and normative economic analysis. D) neither positive nor normative economic analysis.
An example of an uncontrollable resource that contributes to diseconomies of scale for a movie theater is
a. concession stand staff b. public roads congested with traffic c. volume discounts from movie distributors d. a single lobby in the theater e. bigger, more noticeable newspaper ads
When consumers value present consumption more than future consumption:
a. they are willing to pay more to consume now rather than wait. b. they must be rewarded to consume now rather than wait. c. they are said to have a negative rate of time preference. d. they are patient and certain.