Economists are concerned with an individual's
A) needs because needs represent the most important goods to an individual.
B) needs because economists define needs to be the goods people need to survive.
C) wants because, unlike needs, wants lead to shortages in the economy.
D) wants because the existence of wants leads to scarcity.
D
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The more excess reserves banks choose to keep
A) the lower the required reserve ratio. B) the smaller the deposit multiplier. C) the larger the deposit multiplier. D) the higher the required reserve ratio.
When consumers value present consumption more than future consumption:
a. they are willing to pay more to consume now rather than wait. b. they must be rewarded to consume now rather than wait. c. they are said to have a negative rate of time preference. d. they are patient and certain.