When comparing the severity of recessions since World War II, economists focus on the ones in
A. 2001 and 2007-2009.
B. 1968 and 1974.
C. 1990 and 2001.
D. 1982 and 2007-2009.
Answer: D
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Offshore banking can take place at which institution?
A) agency office only B) subsidiary bank only C) foreign bank only D) subsidiary bank and foreign bank E) agency office, subsidiary bank, and foreign bank
What is moral hazard?
Fill in the blank(s) with the appropriate word(s).
If the opportunity costs of producing a good increase as more of that good is produced, the economy's production possibility frontier will be
A. a negatively sloped straight line. B. negatively sloped and "bowed inward" toward the origin. C. negatively sloped and "bowed outward" from the origin. D. a positively sloped straight line.
In making decisions about what to consume, a person's goal is to
A) allocate her limited income among all the products she wishes to buy so that she receives the highest total utility. B) buy low-priced goods rather than high-priced goods. C) maximize her marginal utility from the goods and services she wishes to buy using her limited income. D) consume as many necessities as possible and then, if there is money left over, to buy luxuries.