Refer to the above graph with three demand curves. An "increase in quantity demanded" would be illustrated by a change from:
Point 5 to point 1
Point 2 to point 5
Point 4 to point 6
Point 4 to point 1
Point 4 to point 1
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The change in the price of one good has no effect on the quantity demanded of another good. These goods are:
A) complements. B) substitutes. C) both inferior. D) both Giffen goods. E) none of the above
In a perfectly competitive market:
A. only price adjusts in both the short run and the long run. B. only quantity adjusts in both the short run and the long run. C. price does more of the adjusting in the short run and quantity does more of the adjusting in the long run. D. price does more of the adjusting in the long run and quantity does more of the adjusting in the short run.
Debt service is the percent of:
A. GDP that is owed in debt. B. the total value of household debt that consumers pay in interest. C. the total value of household debt that banks pay to create the loans. D. disposable income consumers have to pay for their debts.
One of the essential functions that a bank performs is:
A. purchasing government bonds. B. creating deposits by lending required reserves. C. transferring money from savers to lenders. D. owning assets like real estate.