GDP is a measure of:
A. domestic production.
B. changes in the general level of prices.
C. material well-being.
D. social welfare.
Answer: A
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Which of the following statements holds true for eminent domain?
(a) The costs are diverse and the benefits concentrated to those special groups who secured it. (b) It supports rent-seeking where some individuals gain and others lose. (c) The owner of the property secured through eminent domain has no legal recourse. (d) It is well-defined and has been applied throughout U.S. history with consistency and accuracy to support economic growth and development.
What is the endowment effect?
A) the phenomenon that economic agents are endowed with different qualities and abilities so that trade among individuals increase efficiency B) the tendency for economic agents with abundant resources to consume a proportionately greater quantity of goods and services C) the tendency of people to be unwilling to sell something they already own even if they are offered a price that is greater than the price they would be willing to pay to buy the good if they didn't already own it D) the tendency of firms to use celebrities endowed with good looks to promote their products
The most important advantage of discount policy is that the Fed can use it to
A) precisely control the monetary base. B) perform its role as lender of last resort. C) control the money supply. D) punish banks that have deficient reserves.
Which of the following statements best describes equilibrium?
a. The area above the point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. b. The area below the point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. c. The point where the supply curve (S) and the demand curve (D) cross is called the equilibrium. d. Any point above where the supply curve (S) and the demand curve (D) cross is called the equilibrium.