Refer to the accompanying figure. An increase in demand is represented by a shift from:
A. curve C to curve D.
B. curve D to curve C.
C. curve B to curve A.
D. curve A to curve B.
Answer: A
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The difference between the Baumol-Tobin formulation of the demand for money and the Keynesian-Baumol formulation is that
A) the speculative demand is a function of income. B) the transaction demand is a function of interest rates as well as income. C) the transaction demand is a function of wealth. D) Both B and C are correct.
Capital and labor are distinct from technology since ________
A) technology is exogenous B) technology is rival in its use C) capital and labor are physical things D) technology is a physical thing
Price ceilings and price floors that are binding
a. are desirable because they make markets more efficient and more fair. b. cause surpluses and shortages to persist because price cannot adjust to the market equilibrium price. c. can have the effect of restoring a market to equilibrium. d. are imposed because they can make the poor in the economy better off without causing adverse effects.
Answer the following statements true (T) or false (F)
1. The period known as the "Industrial Revolution" began in the United States in the late 1800's. 2. Citizens living in the richest nations today have material standards of living that are on average more than 50 times higher than people living in the poorest countries. 3. Savings are generated when current consumption is less than current output. 4. Buying 100 shares of Google stock would be an example of economic investment 5. Economists use the word investment to refer to the purchase of assets such as stocks, bonds, and real estate.