The horizontal summation of the demands of each consumer at different price levels is called:
A. the price elasticity of market demand.
B. the market demand curve.
C. consumer surplus.
D speculative demand.
B. the market demand curve.
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Current account deficits are offset by
A) the liquidity balances. B) capital account surpluses. C) the basic balance. D) balance of trade surpluses.
Research indicates that on average, state government unions have
A) raised wages to 20 percent above nonunionized government workers. B) raised wages 25 to 30 percent above nonunionized private-sector and government workers. C) raised wages about 100 percent above similar workers in the nonunion private sector. D) have not significantly raised wages above similar workers in the nonunion sector.
Assume all banks in the system started have a 10 percent required reserve ratio and the Fed made a $20,000 open market purchase. The result would be a(n):
a. $200,000 expansion of the money supply. b. $20,000 expansion of the money supply. c. $20,000 contraction of the money supply. d. infinite contraction of the money supply.
If a production function has the property of diminishing marginal product, then doubling:
A. all of the inputs will less than double the output. B. all of the inputs will double the output. C. all of the inputs will more than double the output. D. one of the inputs will reduce its marginal product.