A demand schedule shows
A. the “market potential” for a product.
B. how much consumers are willing and able to buy at different prices.
C. possible combinations of output under different conditions.
D. how much producers would like to sell at different prices.
E. All of these responses are correct.
Answer: B
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Expenditures, as a percentage of GDP for the United States, are not very different than those of other industrialized nations.
A. True B. False C. Uncertain
The time that elapses between the beginning of a recession or an inflationary episode and the identification of the macroeconomic problem is referred to as a(n)
A. legislative lag.
B. implementation lag.
C. recognition lag.
D. budget lag.
Explain what is meant by shoe-leather costs
What will be an ideal response?
Without usury laws, banks will
A) charge very high interest rates to all borrowers. B) charge higher interest rates to riskier borrowers than to safer borrowers. C) charge very low interest rates to all borrowers. D) face no demand for loans.