Which of the following is the best example of a System 2 decision and action?
A. Marty learns that his usual driving route to work will have significant delays due to
construction but forgets and goes that way anyway.
B. Doug eats a whole plate of nachos despite the fact it compromises his carefully planned
diet.
C. Bruce "goes with his gut" when choosing between two kinds of motorcycles to purchase.
D. Chuck, who has contemplated a job change for a month and has other offers, chooses to
quit when his boss makes him mad.
Answer: D
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How were open market operations conducted prior to 1935?
A) They were carried out by the Federal Open Market Committee. B) They were carried out under the direction of the Secretary of the Treasury. C) They were carried out by the district Federal Reserve banks. D) They were carried out by the Banking Committee of the House of Representatives.
When firms do not collude in a game-playing market environment, firms end up with low prices and high output levels
Indicate whether the statement is true or false
Refer to the scenario above. What is the quantity effect of the price change?
A) $1,400 B) $2,700 C) $5,400 D) $6,750
In 1975, Congress passed a tax rebate to spur consumer spending. Consumers:
a. spent the entire amount of the tax savings, boosting the economy, as planned b. did not spend any of the amount of the tax savings c. saved a substantial share of the tax savings and spent the rest d. saved a small portion of the tax savings, and spent the rest