In a feudalist society, in comparison with mercantilism:
A. markets make the central economic decisions.
B. tradition plays a more important role than the government.
C. merchants play a more important political role than serfs.
D. government plays a large role in determining the what, how, and for whom decisions.
Answer: B
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In the figure above, the shift in the supply of loanable funds curve from SLF1 to SLF2 could be the result of
A) an increase in expected rate of profit. B) a decrease in disposable income. C) an increase in expected future disposable income. D) an increase in the real interest rate. E) a decrease in wealth
The set of all possible bundles of goods and services that can be purchased with a consumer's income is referred to as the:
A) demand set. B) supply set. C) budget set. D) universal set.
Ricardo's assumption for economic rents for land was based on
A) the supply of land being a fixed quantity. B) a shortage of land. C) a surplus of land. D) total government control of land.
If quantity demanded changes infinitely when the price changes, the demand:
A. is unit elastic. B. is slightly elastic. C. is inelastic. D. is perfectly elastic.