The theory of consumer choice most closely examines which of the following Ten Principles of Economics?
a. People face trade-offs.
b. Governments can sometimes improve market outcomes.
c. Trade can make everyone better off.
d. Markets are usually a good way to organize economic activity.
a
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If the bidders at a first-price auction have true values of $8, $7, $6, and $5, the item will sell for
a. $8 b. $7 c. just over $7 d. just under $7
Banks act as an intermediary between savers and borrowers by determining the:
A. price at which the quantity of funds saved will be equal to the quantity invested. B. quantity of funds that will be saved depending on the price. C. quantity of funds that will be borrowed, for any given quantity of savings. D. price at which the quantity of funds saved will be more than enough for those who want to borrow.
Illustrate the effect of an open market sale of $20 million worth of Treasury bills on the Fed's balance sheet
What will be an ideal response?
What is true of marginal cost when marginal returns are decreasing?
a. It is negative and increasing. b. It is negative and decreasing. c. It is positive and increasing. d. It is positive and decreasing. e. It is positive and has a constant slope.