If a person wanted to raise some capital and was unable to borrow it, they could either ________ or _________.
Fill in the blank(s) with the appropriate word(s).
reduce consumption; work longer hours
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General equilibrium analysis is different from partial equilibrium analysis in that general equilibrium analysis
A) explicitly takes feedback effects into account and partial equilibrium analysis does not. B) does not take into consideration specific problems, but partial equilibrium analysis does. C) takes into consideration specific problems, but partial equilibrium analysis does not. D) allows one to arrive at a specific conclusion, but partial equilibrium analysis does not.
Consider the following linear demand function where QD = quantity demanded, P = selling price, and Y = disposable income: QD = ?36 ?2.1P + .24Y The coefficient of P (i.e., ?2.1) indicates that (all other things being held constant):
a. for a one percent increase in price, quantity demanded would decline by 2.1 percent b. for a one unit increase in price, quantity demanded would decline by 2.1 units c. for a one percent increase in price, quantity demanded would decline by 2.1 units d. for a one unit increase in price, quantity demanded would decline by 2.1 percent e. none of the above