The intertemporal substitution effect refers to substitution of
A) goods for services.
B) goods and services for less expensive goods and services.
C) goods and services today for goods and services in the future.
D) goods and services produced domestically for goods and services produced in another country.
C
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In 2008, the Treasury and Federal Reserve took action to save large financial firms such as Bear Stearns and AIG from failing. Which of the following is one reason why these measures were taken?
A) The Fed and the Treasury wanted to allow Freddie Mac and Fannie Mae more time to buy the firms before they went bankrupt. B) The Emergency Economic Stabilization Act required the Fed and the Treasury to provide financial assistance to firms that participated in regular open market actions with the Fed. C) The bankruptcy of a large financial firm would force the firm to sell its holdings of securities, which could cause other firms that hold these securities to also fail. D) The failure of these firms would have forced the Fed to increase interest rates, which could have led to a severe recession.
In the early 1900s, people were ________ more than decorators
a. Collectors b. Travelers c. Readers d. Media driven
Which of the following is true about income inequality?
A. Inequality tends to diminish as the population increases. B. Inequality tends to be greatest in the poorest countries. C. Inequality tends to get worse as a country develops. D. Inequality is not an issue for developed countries.
Frederic Bastiat formulated
A. the theory of absolute advantage. B. the theory of comparative advantage. C. the petition of the candlemakers to shut out the sun. D. the infant industry argument.