Monetary policy is determined by ________.
A. Congress
B. the central bank (the Fed)
C. the president and her economic advisors
D. the World Bank
Answer: B
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An unequal distribution of income is considered fair according to Robert Nozick if
A) marginal cost equals marginal benefit. B) the cost of administering a welfare system is minimized. C) property rights are enforced and voluntary exchange occurs. D) the economy is producing its maximum total output. E) resources are allocated using the command method.
The above figure shows the utility of wealth curve for a homeowner whose only possession is a $50,000 house. Which of the following statements is TRUE?
A) This person has diminishing marginal utility of wealth. B) This person is not risk averse. C) Risky situations cause this person no loss of utility. D) None of the above are correct.
Consider a two-way network with 1,000 users. The number of potential connections is:
A. 999. B. 2,000. C. 1,000. D. 999,000.
A poll conducted by a national firm finds that most Americans say they care more about safety when buying a car than about fuel efficiency. As a result, a car maker produces a car with many safety features, but it doesn't sell well. This behavior
A. contradicts economic theory because it is irrational not to purchase safer cars. B. does not contradict economic theory because economic theory only relates to prices and not to features such as safety. C. contradicts economic theory because the people didn't do what they said they would do. D. does not contradict economic theory because economists focus on what people do rather than on what they say.