In the loanable funds market, demanders of funds are ________ and suppliers of funds are ________
A) households and the government if it has a budget surplus; firms and the government if it has a budget deficit
B) households and the government if it has a budget deficit; firms and the government if it has a budget surplus
C) households and firms; the government if it has a budget deficit
D) firms and the government if it has a budget surplus; households and the government if it has a budget deficit
E) firms and the government if it has a budget deficit; households and the government if it has a budget surplus
E
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According to this Application, workers in the EU were more productive than workers in Latvia in the 1990s, yet EU nations still purchased products from Latvia. This is because Latvia ________ in the production of the products it sold to EU nations
A) used fewer resources B) had a higher opportunity cost C) had an absolute advantage D) had a comparative advantage
Which of the following brings only an increase in the quantity demanded of a good?
A) a decrease in income, assuming the good is an inferior good B) a rise in the price of a substitute good C) a fall in the price of the good itself D) an expectation that the good's price will rise in the future E) a decrease in income, assuming the good is a normal good