Refer to the information provided in Figure 2.4 below to answer the question(s) that follow.
Figure 2.4According to Figure 2.4, an increase in unemployment may be represented by the movement from
A. B to A.
B. A to C.
C. C to D.
D. B to D.
Answer: B
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Assume that the loans made by the Paris First National Bank contracted from $16 million to $12 million. If the legal reserve requirement was increased from 20 percent to 40 percent, how much would the money supply shrink?
a. $5 million b. $10 million c. $15 million d. $20 million e. $24 million
The distinction between efficiency and equality can be described as follows:
a. Efficiency refers to maximizing the number of trades among buyers and sellers; equality refers to maximizing the gains from trade among buyers and sellers. b. Efficiency refers to minimizing the price paid by buyers; equality refers to maximizing the gains from trade among buyers and sellers. c. Efficiency refers to maximizing the size of the pie; equality refers to producing a pie of a given size at the least possible cost. d. Efficiency refers to maximizing the size of the pie; equality refers to distributing the pie fairly among members of society.
Which of the following is not an example of economic regulation?
a. Preventing a firm from starting up in a town. b. Maintaining a minimum price for a good. c. Restricting the use of hazardous materials without proper protection. d. Requiring a minimum amount of goods produced in a given year.
Diminishing marginal productivity implies that a proportional increase in all inputs will produce a less than proportional increase in output.
Answer the following statement true (T) or false (F)