Franklin Delano Roosevelt took steps to discourage bank failures by:
A. eliminating guarantees on people's bank deposits.
B. maintaining a balanced budget.
C. decreasing government spending.
D. initiating government guarantees on people's bank deposits.
Answer: D
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Suppose a farmer in a perfectly competitive agricultural industry rents land that is uniquely productive in the production of a certain crop. In the long run
A) the owner of the land receives economic rent while the farmer earns zero economic profit. B) the owner of the land earns zero economic profit while the farmer receives economic rent. C) both the farmer and the owner of the land receive economic rent. D) neither the farmer nor the owner of the land receive economic rent.
The price of shrimp is $10.00 per pound and the price of lobster is $15.00 per pound. The marginal utility to Mike of pound of shrimp consumed is 60 utils. If Mike maximizes his satisfaction by consuming both shrimp and lobster, we would expect the marginal utility of the last pound of lobster consumed to equal:
a. 40 utils b. 60 utils c. 90 utils d. 150 utils
Current discussions about the financing of congressional campaigns and presidential elections focus on the problem of
a. internalities b. externalities c. public goods d. public choice e. representation
Why does increased productivity lead to sustained economic growth?
a. Increased productivity means that a population, and thus the labor supply, has increased. b. Increased productivity means a given amount of resources can be used to produce more. c. Greater productivity means a nation has adopted more sustainable practices. d. Once increased, productivity cannot decline, meaning its results are sustainable.