A multinational organization that aims to promote world economic growth through more financial stability is the
A) World Bank. B) International Monetary Fund.
C) Federal Reserve System. D) International World Fund.
B
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Which of the following is the best definition of what economists define as total income?
A) payment for labor services B) payment for labor services and for ownership of other factors of production C) payment for labor services, for use of other factors of production, and gifts and government transfers D) inheritance
Suppose the market equilibrium price of wheat is $5 per bushel, and the government sets a price floor of $7 per bushel to aid growers. What is the most likely result of this action?
a. There will be a shortage of wheat. b. There will be a surplus of wheat. c. There will be an increase in the quantity of wheat demanded as the result of the price floor. d. There will be a decrease in the quantity of wheat supplied as the result of the price floor.