Which of the following measures did the Fed take during the uncertain days following the terrorist attacks of September 11, 2001?
a. The Fed tightened regulations in the financial markets
b. The Fed increased the discount rate.
c. The Fed bought all the government securities up for sale.
d. The Fed increased the reserve requirement ratio.
e. The Fed demanded interest on the bank reserves held at the Fed.
c
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Which of the following increases the demand for a good?
A) a rise in the price of a complement B) the expectation that future income will be higher C) an increase in income, assuming the good is an inferior good D) a decrease in the number of buyers E) a fall in the price of a substitute
For any item (physical or financial) to be used as money, the item must be
a. a precious metal, such as gold or silver b. accepted as a medium of exchange c. divisible into smaller units by at least 10, otherwise most exchanges cannot occur, rendering useless the money form d. paper (fiat) backed by a precious metal e. portable
Arrow's impossibility theorem is "disturbing" in the sense that it proves that
a. no voting system is perfect. b. only a dictator can produce a desirable social outcome. c. the preferences of the wealthy should be given more weight than the preferences of the poor. d. the centuries-old Condorcet paradox was not a paradox after all.
The minimum wage laws seek to
A) penalize employers that are not complying with labor laws. B) assure a minimum standard of payment for work. C) assure that all workers are paid the same wage rate. D) help teenagers find work.