In Figure 22.2, which area represents consumer surplus to the smoker? 
A. 0ACQ*
B. 0P*CQ*
C. 0BCQ*
D. AP*C
Answer: D
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What does it mean when the Federal Reserve is referred to as a lender of last resort?
What will be an ideal response?
If the money stock is $900 million and the reserve requirement is 20%, what is the monetary base?
A) $180 million B) $4,500 million C) $720 million D) The monetary base cannot be determined with the information given.
Figure 4-21
Refer to . The price received by sellers after the tax is imposed is
a.
$18.
b.
$14.
c.
$12.
d.
$8.
In an efficient market, an average investor who is outside Wall Street
A. cannot expect to get average returns. B. must be constantly vigilant by analyzing and adjusting their portfolio to get average returns. C. will habitually exceed average returns. D. will get average returns in a well-diversified portfolio even without analyzing or managing it.