The quantity of money people are willing and able to hold at alternative interest rates, ceteris paribus, is known as the
A. Supply of money.
B. Demand for money.
C. Equilibrium of money.
D. None of the choices are correct.
Answer: B
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Why does even a free market economy need some government intervention?
a. to provide for things that the marketplace does not address b. to ensure that the government has the freedom to tax as necessary c. to make sure that the government can fulfill its needs for military personnel d. so that the government has some control over factor resources
A quantity restriction decreases the price of the product and the quantity produced.
Answer the following statement true (T) or false (F)
Marginal utility is the
A) usefulness of a product. B) utility that a person receives from the consumption of goods and services. C) change in utility that results from a one-unit change in the quantity of a good consumed. D) change in utility that results from a one-unit change in the price of a good consumed.
Suppose capital and labor must be used in fixed proportions to produce widgets and that the price elasticity of demand for widgets is zero. Then the wage elasticity of demand for labor by widget makers will be:
a. +1. b. -1. c. 0. d. infinite.