The Fed usually sets a higher reserve requirement for savings accounts than for checking accounts
a. True
b. False
Indicate whether the statement is true or false
False
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Suppose that an individual consumes just two goods: Big Macs and milkshakes. In order to reach consumer equilibrium, the individual must arrange the consumption of Big Macs and milkshakes so that the:
a. marginal utility of the two goods is equal for the last dollar spent on each good. b. ratio of marginal utility to price is the same for both goods for the last dollar spent on each good. c. ratio of marginal utility of milkshakes to the marginal utility of Big Macs is 1 for the last dollar spent on each good. d. price paid for the two goods is the same.
The Fed is dependent upon government policy, as witnessed by its actions in the early and mid-1980s
Indicate whether the statement is true or false
Which of the following labor markets is classified as a monopsony?
A. There are many employers, and each demands the same type of labor. B. There are three employers, and each demands the same type of labor. C. There are several employers, and each demands the same type of labor. D. There is one employer for a specific type of labor.
The average price of goods and services in the economy is also known as
A) the price level. B) the inflation rate. C) a market basket. D) the cost of living.