Economists are generally in support of:
A) government restrictions on trade.
B) free international trade.
C) tariffs to restrict trade.
D) subsidizing exports.
Ans: B) free international trade.
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Scarcity and choice are the basic problems of economics; the supply and demand mechanism is the basic investigative tool of economics.
Answer the following statement true (T) or false (F)
Excess reserves are the
A) amount of reserves held over what is desired. B) amount of reserves banks keep in their vaults. C) amount of reserves a bank holds at the Fed. D) amount of reserves the Fed requires banks to hold. E) same as the required reserves.
Decreases in government spending
a. shift the aggregate supply to the right. b. have no effect on aggregate demand. c. shift the aggregate demand curve to the right. d. shift the aggregate demand curve to the left.
Why would a landlord most likely give a tenant an incentive to leave a rent-controlled apartment?
a. to attract tenants will lower incomes b. to remodel the apartment and list it at a higher rent c. to provide the tenant with start-up money for a business d. to repair the apartment so it will pass the government code