________ is an experiment that tests the significance of fairness in consumer decision making
A) The ultimatum game B) The fairness challenge
C) The consumer choice paradigm D) The Giffen paradox
A
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In the United States in 2014, the percentage of people with some form of health insurance was about
A) 10%. B) 36%. C) 55%. D) 90%.
Economists develop models to
A) capture every detail of the real world. B) make their arguments more realistic. C) justify the assumptions they make about people's behavior. D) help us understand economic phenomena in the real world.
A bank's assets consist of $500,000 in total reserves, $1,600,000 in loans, and a building worth $1,200,000 . Its liabilities and capital consist of $2,000,000 in demand deposits and $1,300,000 in capital. If the required reserve ratio is 30 percent, what is the level of the bank's excess reserves? How much money could the excess reserves be used to create in the banking system as a result?
a. zero; zero b. $50,000; $50,000 c. $50,000; $500,000 d. The bank has insufficient reserves to meet its reserve requirements.
What will happen if a country uses money creation to finance a large and expanding national debt?
a. Real output and employment will grow rapidly. b. Nominal interest rates will fall. c. The foreign exchange value of the currency will increase. d. The rate of inflation will rise.