National income is the sum of all of the following except
A. wages.
B. savings.
C. interest.
D. rent.
Answer: B. savings.
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When the price of oranges increases,
A) the supply of oranges increases. B) the quantity of oranges demanded increases. C) the quantity of oranges supplied increases. D) the supply of oranges decreases. E) none of the above
In a "liquidity trap,"
A) the demand for money is infinite. B) the LM curve is a vertical line. C) the nominal interest rate on short-term assets is relatively high. D) money supply changes have a strong impact on interest rates.
Sometimes, we observe cases where the price of a product rose and the quantity bought by buyers also increased. Such cases occur due to a violation of the:
A. Law of Demand B. Law of Supply C. Allocative efficiency rule D. Ceteris paribus assumption
To the degree that the IBEW conducts costly training and apprentice requirements for prospective electricians, it is
A. shifting the supply of electricians to the right. B. shifting the supply of electricians to the left. C. shifting the demand for electricians to the left. D. kinking the supply of electricians to make it vertical at the level of the constraint.