The Federal Reserve System is an example of a ______ bank.
a. savings
b. central
c. foreign
d. commercial
b. central
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As a rule, as a consumer acquires more and more of a good, the marginal utility declines.
Answer the following statement true (T) or false (F)
In the above figure, the economy is at point a on the initial supply of loanable funds curve SLF0. What happens if real wealth decreases?
A) Nothing; the economy would remain at point a. B) There would be a movement to a point such as b on supply of loanable funds curve SLF0. C) The supply of loanable funds curve would shift rightward to a curve such as SLF2. D) The supply of loanable funds curve would shift leftward to a curve such as SLF1.
Historically, predictions of scarcity have been proven wrong because
a. the world population has unexpectedly decreased. b. modern humans survive on much less food than those of past eras. c. developed nations have consistently come to the aid of undeveloped nations. d. agricultural and economic productivity have kept up with population growth.
Which characteristic of perfect competition ensures that economic profit will be zero in the long run?
a. each firm's output is small in relation to total market supply b. buyers and sellers are fully informed about the price and availability of all resources and products c. the product is homogeneous d. there is freedom of entry and exit in the market e. firms are price takers