The ideas of economist Arthur Laffer became the centerpiece for tax policy during the:
A. Ford administration.
B. Clinton administration.
C. Nixon administration.
D. Reagan administration.
D. Reagan administration.
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The above figure shows the production possibility frontier for a country. Suppose the country is producing at point A. What would be the opportunity cost to increase the production of rice to 12 tons?
A) 6 thousand bottles of wine B) 15 thousand bottles of wine C) 9 thousand bottles of wine D) 6 tons of rice E) Nothing, it is a free lunch.
An asset of a bank is
A. the value of money that is on deposit. B. the amount a depositor may legally borrow. C. something of value that the bank owes to a depositor. D. something of value that a bank owns.
People behave rationally when they
A. make decisions they think will make themselves better off. B. follow the advice of government leaders. C. make decisions with a focus only on financial outcomes. D. never have regrets about their decisions.
Use the information in the following table to answer the next question.Money SupplyMoney DemandInterest RateInvestment (at interest rate shown)$400$6002%$7004005003600400400450040030053004002006200The equilibrium interest rate in this economy is ________.
A. 3% B. 4% C. 5% D. 6%