Which of the following bank assets declined in value in the mid-2000s?
A) subprime loans
B) mortgage-backed securities
C) collateralized debt obligations
D) nontraditional loans
E) all of the above
E
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"As soon as a mayor announced his/her 'get tough on crime' policy on New Year's day, criminals got scared and the crime rate went down." Suppose that the lower crime rate was actually caused by freezing cold temperatures in January?it was just too cold for anybody to be out robbing other people. Which fundamental hazard of the economic way of thinking did the mayor make?
A. believing that what's good for one person is good for the whole group (the fallacy of composition) B. failing to take into account the benefits of crime (the payoff fallacy) C. believing that association is the same as causation D. failing to understand the difference between positive and normative economics.
The perfect competitor has a perfectly elastic demand curve
A. only in the short run. B. only in the long run. C. in both the short run and the long run. D. in neither the short run nor the long run.
Which of the following is the largest component of federal spending today?
A. national defense B. Medicare C. Social Security D. income security
Microeconomics and macroeconomics are:
A. not related because they are taught as separate courses. B. interrelated because what happens in the economy as a whole is based on individual decisions. C. virtually identical, though one is much more difficult than the other. D. interrelated because both are taught by the same teacher.