(02.02 MC)This question refers to the following excerpt.”he Minority should submit calmly and chearfully to what the Majority determines, ’til Time and Experience shall either convince, or furnish them with more forcible Arguments against it. Then we shall hear one another patiently, put the Weight of every Man’s Reason in the Ballance against our own, and at last form a Judgment upon the whole Matter; which, if not the wisest, yet, resulting from the Integrity of our own Principles, will be honest and commendable…And, however Mankind may be provoked, by being thwarted with the Sentiments of other Men, a Variety of Opinions is not only absolutely necessary to our Natures, but is likewise of all Things the most useful; since if all Men were of one Mind, there would be no Need of Councils; no Subject for Learning and Eloquence; the Mind would want its proper Exercise, and without it, like the Body, would lose its natural Strength, from a Habit of Sloth and Idleness. Truth itself will receive an Addition of Strength by being opposed, and can never be in Danger of suffering by the Test of Argument.”Source: Sir John Randolph, from his speech upon his being elected speaker of the House of Burgesses, of Virginia, 1734The “Variety of Opinions” referenced in the excerpt most directly reflects which of the following?

(03.02 LC)Which economist(s) thought that government should stay out of economic decisions no matter what, that the economy should be guided by the forces of supply and demand alone?

(02.05 LC)What is the definition of business revenue?

(03.06 MC)Imagine that a country withholds funding from any college or university that does not accept women applicants at the same rate as men. Which broad economic goal relates to this scenario?

(04.06 MC) Suppose the reserve requirement is 10% with no excess reserves held with banks. What will the change in money supply be if the central bank purchases bonds worth $500 million from banks?

(02.04 MC)Which product exists in a purely competitive market?

(02.01 LC)In a circular-flow diagram, which economic player sells goods and services to earn revenue?

(02.09 MC)A committee is working on a proposal for improving resident participation in the local recycling program. Which of the following tasks aligns with the rational decision-making model step “identify all potential solutions”?

(04.07 MC) Use the graph to answer the question that follows.Assume that the market for loanable funds is in equilibrium at the rate of interest shown at point ‘R’ and the quantity of loanable funds, ‘Q,’ as shown in the accompanying graph. If there is an increase in productivity due to technological innovation, then what impact will this have on the demand for loanable funds, ceteris paribus?

(03.01 MC)Imagine the Federal Reserve Board makes credit more available within the U.S. financial system by loaning money to banks. Which phase of the business cycle is the Fed trying to encourage?