Answer the following statement true (T) or false (F)
1) Each point on a single indifference curve reflects the same level of total utility for a consumer.
2) It is possible for a consumer's indifference curves to intersect.
3) A rational consumer will try to achieve the highest indifference curve that his or her income will
allow.
4) Indifference analysis assumes that utility is numerically measurable.
5) As a consumer moves down a given indifference curve, his or her total utility will diminish.
1) T
2) F
3) T
4) F
5) F
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Inflation is the: a. the value of goods and services produced in an economy in a given period of time. b. is the value of goods and services imported by an economy in a given period of time. c. general and ongoing rise in the price level of an economy
d. general and ongoing fall in the price level of an economy.
According to the Taylor rule, the Federal Reserve sets interest rates in response to:
A. the inflation rate and the current output gap. B. the current output gap and the target money supply growth. C. the S&P 500 index and the inflation rate. D. the inflation rate and the unemployment rate.
Which of the following depository institutions is NOT regulated by a government agency?
A. credit unions B. savings and loan associations C. commercial banks that are not part of the Federal Reserve System D. None of these: All depository institutions are regulated by some government agency.
Refer to the information provided in Figure 8.10 below to answer the question(s) that follow. 
Figure 8.10 Refer to Figure 8.10. Panel ________ represents the industry demand curve for the perfectly competitive wheat industry.
A. A B. B C. C D. D