Velocity is the average number of times a dollar is spent to buy
A) final goods and services in a year.
B) final and intermediate goods and services in a year.
C) final goods, but not services, in a year.
D) services in a year.
A
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In the market for reserves, when the federal funds interest rate is below the discount rate, the supply curve of reserves is
A) vertical. B) horizontal. C) positively sloped. D) negatively sloped.
Which of the following is an example of a job that illustrates why wages differ due to education?
a. an attorney b. a file clerk c. a cashier d. a fast food cook
Estimates for the ________ rate of unemployment that routinely occurs in the United States range from 4 to 6 percent.
A. structural B. cyclical C. frictional D. natural
Answer the following statements true (T) or false (F)
1. Behavioral economics developed as a field of study that looks into how people make rational decisions based on self-interest. 2. One major point of disagreement between neoclassical economics and behavioral economics is the assumption of rationality. 3. Neoclassical economics and behavioral economics are similar in the assumption that people are capable of making accurate, sometimes complex, calculations with respect to their utility-maximizing decisions. 4. Neoclassical economics focuses on predicting behavior of economic agents, whereas behavioral economics focuses on the mental processes involved in decision-making. 5. Behavioral economics hopes to eventually fully replace the neoclassical economic model.