Ceteris paribus means
A) "all variables are independent."
B) "other things being constant."
C) "some assumptions are unrealistic."
D) "some theories are not rational."
Answer: B
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If the Fed raises the discount rate, it:
a. forces commercial banks to call in existing loans. b. changes excess reserves into required reserves. c. changes required reserves into excess reserves. d. none of the above
The paper money or currency in the United States essentially represents a(n)
A. liability of the U.S. Treasury. B. liability of the Federal Reserve System. C. liability of commercial banks and savings institutions. D. asset of the Federal government.
The market supply curve is a statement of actual sales by suppliers.
Answer the following statement true (T) or false (F)
Figure 7.5
The consumer must decide how to split $20 between spending and saving.Refer to Figure 7.5. If the consumer is subject to present bias, he/she will maximize utility at a marginal utility per dollar of ________ utils for consumption and ________ utils for saving.
A. 15; 15 B. 15; 30 C. 30; 15 D. 30; 30