Process-oriented notions of equity:
A. focus on the procedures used to arrive at an allocation of resources as well as on the allocation itself.
B. focus on whether the process used to allocate resources yields fair results.
C. focus on what people could choose rather than what they actually choose.
D. focus on what people actually choose, regardless of the choices available.
C. focus on what people could choose rather than what they actually choose.
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One key implication of rational expectations is that
A) anticipated monetary policy has no effect on the rate of unemployment or the level of real GDP. B) unanticipated monetary policy has no effect on the economy but anticipated monetary policy does have an effect on the economy. C) anticipated monetary policy can affect the rate of unemployment but not the level of real GDP. D) both unanticipated monetary policy and anticipated monetary policy have an effect on the economy.
For the Jones household it has been estimated that for every ten degrees increase in the outdoor temperature the consumption of ice tea increases by 5 glasses
What type of relationship exists between temperature change and the consumption of ice tea? A) negative relationship B) positive relationship C) no relationship D) maximum relationship
Opportunity cost: a. Always refers to the dollar price paid for a good
b. Always equals the best alternative value of the time spent in going to a concert or sporting event. c. Of any good is zero for any good that is given away free, if you wait in a line to get it. d. Increases when the best foregone alternative becomes more valuable.
If a banking system receives an initial deposit of $150,000 and the reserve requirement is 40 percent, the total deposit in the banking system (including the initial deposit) can be expanded by _____
a. $375,000 b. $150,000 c. $60,000 d. $250,000 e. $450,000