Using resources in such a way as to maximize the production of goods and services is called ____________ .
a. efficiency.
b. underutilization.
c. thinking at the margins.
d. growth.
Ans: a. efficiency.
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The quantity of loanable funds demanded increases if the real interest rate falls, all other things remaining the same, because the real interest rate
A) is the opportunity cost of investment. B) is not related to the price of bonds and stocks. C) affects the supply of saving which, in turn, determines the quantity of investment. D) affects the quantity of saving supplied. E) determines the cost of living.
Refer to the above table. What does the marginal revenue product equal when 28 workers are hired a week?
A) $1040 B) $900 C) $210 D) $7.50
The rate of interest written on a contract between a borrower and a lender is the
a. nominal interest rate. b. real interest rate. c. implied interest rate. d. expected interest rate.
The United States did not have a central bank until
A. 1900. B. 1913. C. 1929. D. 1946.