The opportunity cost of doing or getting something is best and fully defined as:
A. The difference between the marginal cost and benefit of doing something
B. The materials used in doing or getting something
C. The value of the best alternative that is given up in order to do or get something
D. The money spent in doing or getting something
Answer: C
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Ordinarily the Fed lends money only to banks, but during the Great Recession of 2007-2009 the Fed extended its lender-of-last-resort role to other financial institutions. These institutions included
A) securities dealers. B) investment banks. C) high-quality corporations. D) all of the above
The Federal Reserve System divides the U.S. into _____ districts
a. 5 b. 21 c. 6 d. 12 e. 17
A negative demand shock
a. shifts the AD curve to the right b. decreases real GDP and increases the price level in the short run c. is the result of an increase in money demand d. results in a movement down and to the right along the AD curve e. decreases both real GDP and the price level in the short run
Which of the following observations would be consistent with the imposition of a binding price floor on a market? After the price floor becomes effective,
a. a smaller quantity of the good is bought and sold. b. a larger quantity of the good is demanded. c. a smaller quantity of the good is supplied. d. the price falls below the equilibrium price.