Determinants of the supply of loanable funds are all except:
A. expectations of future economic conditions.
B. rate of return on investment.
C. wealth.
D. social welfare policies.
Answer: B
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Under autarky, consumer surplus is represented by the area
A) above the supply curve and below the equilibrium price. B) above the demand curve and below the supply curve. C) below the demand curve and above the equilibrium price. D) above the supply curve and below the demand curve.
The quantity theory of money states explicitly that the:
A. value of money is determined by the overall quantity of money in existence. B. Real GDP is determined by the money supply. C. money supply is determined by the price level. D. there is no relationship between the value of money and the quantity of money in existence.
Who said this? ". . . the sovereign has only three duties to attend to. . . . first, the duty of protecting the society from violence and invasion . . .; secondly, the duty of protecting . . . every member of the society from the injustice or oppression of every other member of it all; and thirdly, the duty of erecting and maintaining certain public works and public institutions, which it can never be for the interest of any individual . . . to erect and maintain. . . "
A. Adam Smith B. John Stuart Mill C. Sir William Petty D. Franklin Roosevelt
A firm will choose to operate rather than shut down as long as
A. AVC is greater than MC. B. price is greater than or equal to AVC. C. AFC is greater than AVC. D. price is greater than or equal to AFC.