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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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%
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.