Millionaires do not face the problem of scarcity.
Answer the following statement true (T) or false (F)
False
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Classical macroeconomic theorists argued that when households reduce consumption and deposit money into savings accounts, aggregate spending will:
A. increase because households will have more wealth. B. fall because banks typically make it difficult for businesses to borrow money. C. fall because consumers are saving instead of spending. D. not fall because banks will lend that money out to businesses.
An open market sale of bonds by the Federal Reserve will lead to an increase of reserves in banks
Indicate whether the statement is true or false
Financial intermediaries are able to act as delegated monitors for individual savers because
A) other investors are unable to gain a free ride on their monitoring efforts. B) borrowers consider this role to be traditional for financial intermediaries and are willing to put up with it. C) the federal government has granted them waivers from laws protecting privacy. D) they employ a vast network of private detectives to carry out their monitoring role.
The maximin criterion seeks to minimize the maximum payoffs in order to win.
Answer the following statement true (T) or false (F)