Like biologists and physicists, economists use the dispassionate development and testing of how the world works known as the
scientific method.
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A bank's required reserves are calculated by multiplying ________
A) its deposits by the required reserve ratio B) the sum of its deposits and cash in its vault by the required reserve ratio C) cash in its vault by the required reserve ratio D) the gold in its vault by the required reserve ratio
The upward slope of the MP curve indicates that
A) the central bank lowers real interest rates when inflation rises. B) the central bank raises real interest rates when inflation falls. C) the central bank raises nominal interest rates when inflation rises. D) the central bank raises real interest rates when inflation rises.
Firms that have a cover charge for their customers and charge for each item they purchase as well are exhibiting
a. universal access price discrimination b. declining block price discrimination. c. mixed bundling price discrimination. d. two-part price discrimination. e. uniform pricing
In one week, Mohammed can knit 5 sweaters or bake 240 cookies. The opportunity cost per sweater for Mohammed is
a. $240 b. 240 cookies c. 48 sweaters d. 1/48 of a cookie e. 48 cookies