The era of bank panics in the United States was effectively ended by
A) establishing the Fed as lender of last resort.
B) implementing the gold standard.
C) abandoning the gold standard.
D) introducing deposit insurance.
D
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When a consumer spends income so that the ratio of marginal utilities (MUs) of all goods purchased equals the ratio of their prices, the consumer is
a. maximizing marginal utility b. spending too much on all goods c. maximizing total utility d. beyond the point of diminishing marginal utility e. behaving in opposition to the principal of rational behavior
In the figure above, which of the following points indicates the efficient use of resources? A) a B) f C) g D) h
Command-and-control approaches to reducing pollution can be criticized on the grounds that they may be all of the following EXCEPT
A. inflexible. B. overly expensive. C. politically unpopular. D. counterproductive.
The income and wealth gap in the United States has
A. decreased in recent years. B. stayed the same in recent years. C. increased in recent years. D. helped reduce the federal budget deficit.