What is the Federal Reserve best known for?
(A) For setting the discount rate.
(B) For the fractional reserve banking system.
(C) For regulating the nation's money supply.
(D) For bank examinations.
Ans: (C) For regulating the nation's money supply.
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Economists believe that scarcity forces everyone to:
a. satisfy all their wants. b. abandon consumer sovereignty. c. lie about their wants. d. create unlimited resources. e. make choices.
Which of the following statements is correct?
a. If duopolists successfully collude, then their combined output will be equal to the output that would be observed if the market were a monopoly. b. Although the logic of self-interest decreases a duopoly's price below the monopoly price, it does not push the duopolists to reach the competitive price. c. Although the logic of self-interest increases a duopoly's level of output above the monopoly level, it does not push the duopolists to reach the competitive level. d. All of the above are correct.
On its horizontal axis, a Lorenz curve measures:
A. cumulative percentage of family income. B. amount of family income. C. demand of families. D. cumulative percentage of families.
Based on the table above, the cost of the base period market basket in 2013 is
A) $3,300. B) $4,885. C) $4,650. D) $3,885. E) None of the above answers is correct.