Comparing how many dollars it takes to attend college each year to annual earnings on a job represents the use of money as a:
a. medium of exchange.
b. store of value.
c. store of coincidence.
d. unit of account.
d
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When unskilled teens earn less than college graduates, society answers the ________ question
A) why B) social interest versus self-interest C) how D) for whom E) what
The risk that a borrower has a greater understanding about their potential future behavior than a potential lender is known as ________
A) the problem of adverse selection B) the problem of moral hazard C) ornamental torsion D) the asymmetric innovation problem
A firm has two customers and creates a two-part tariff with a usage fee (P) that exceeds the marginal cost of production and leaves each customer with positive consumer surplus such that CS2 > CS1 > 0
If the firm sets the entry fee equal to CS2, then the number of customers that actually buy the product is equal to: A) zero. B) one. C) two. D) We don't have enough information to answer this question.
Excess reserves that are voluntarily held by institutions are called:
a. Bank equity. b. Customary reserves. c. Preferred assets. d. Funny money. e. Federal funds.