The nominal interest rate is determined in the market for loanable funds
a. True
b. False
Indicate whether the statement is true or false
True
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The burden of a tax falls entirely on sellers if ________
A) the price elasticity of demand is unitary elastic B) the price elasticity of supply is greater than 1 C) the income elasticity of demand is high D) the price elasticity of supply is zero (perfectly inelastic)
In economics, the concept of opportunity cost is:
a. negated by ensuring that the government has a role in a capitalist society. b. defined to be the highest-valued alternative that must be forgone when a choice is made. c. best illustrated by knowing why consumers choose one good over another. d. quantifiable only if you know the real dollar price of the goods and services you are giving up to consume something. e. the methodology that government economists use to determine the total amount of the national debt.