Adam Smith's book The Wealth of Nations was published in
a. 1692.
b. 1776.
c. 1816.
d. 1936.
b
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Refer to Figure 3-7. Assume that the graphs in this figure represent the demand and supply curves for used clothing, an inferior good. Which panel describes what happens in this market as a result of a decrease in income?
A) Panel (a) B) Panel (b) C) Panel (c) D) Panel (d)
A way in which government can attempt to solve the problems caused by information asymmetry in the marketplace is:
A. statistical discrimination. B. signaling. C. mandating that information be shared. D. All of these are ways the government deals with information asymmetry.
Which of the following most accurately indicates the implications of an economy's production possibilities curve?
a. If all the resources of an economy are being used efficiently, more of one good can be produced only if less of another good is produced. b. If all the resources of an economy are being used efficiently, it is generally possible to produce more of one good without having to sacrifice the production of other goods. c. Over time, it is generally impossible for a country to expand its production of goods. d. An economy will automatically move toward a point that lies outside of the production possibilities constraint unless proper government policy constrains production.
A bank wants to get rid of excess reserves by making loans because
a. it will be penalized if it does not get rid of the reserves b. the reserves do not earn interest c. it is afraid it will lose the excess reserves d. firms will not borrow from a bank with excess reserves e. the bank has too many liabilities