What is meant by senior debt?
A) debt that has been around for the longest period of time
B) debt that must be paid before junior debt is paid
C) debt owed to the federal government
D) debt issued by the federal government as opposed to states or corporations
B
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Efficiency in a market occurs when the production of the good is such that
A) marginal benefit exceeds marginal cost. B) marginal benefit equals marginal cost. C) marginal benefit is lower than marginal cost. D) the marginal cost stops increasing. E) marginal benefit exceeds marginal cost by the maximum amount possible.
A change in monetary policy has a larger effect on aggregate demand the
a. flatter the LM curve. b. the less elastic money demand. c. more elastic money demand. d. steeper the IS curve. e. the steeper the LM curve.