Scarcity implies that
A. the satisfaction of one person's want means another person's want cannot be satisfied.
B. the satisfaction of one person's want means another person's want can also be satisfied.
C. the satisfaction of one person's want means another person will be more than satisfied.
D. no person's wants can be satisfied.
Answer: A
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If the law of demand holds, then
A. the demand curve has a negative slope. B. the demand curve has a positive slope. C. the demand curve shifts whenever the price changes. D. the diminishing marginal utility is not valid.
Firms in perfectly competitive markets are confined to making profits in the short run, but never a loss.
Answer the following statement true (T) or false (F)
For an imaginary economy, when the real interest rate is 5 percent, the quantity of loanable funds demanded is $1,000 and the quantity of loanable funds supplied is $1,000 . Currently, the nominal interest rate is 9 percent and the inflation rate is 2 percent. Currently,
a. the market for loanable funds is in equilibrium. b. the quantity of loanable funds supplied exceeds the quantity of loanable funds demanded, and as a result the real interest rate will rise. c. the quantity of loanable funds supplied exceeds the quantity of loanable funds demanded, and as a result the real interest rate will fall. d. the quantity of loanable funds demanded exceeds the quantity of loanable funds supplied, and as a result the real interest rate will rise.
The benefits of any investment project take the form of future profits.
Answer the following statement true (T) or false (F)