Which of the following is a primary product?
a. Tomato sauce
b. Chocolate bars
c. Salt
d. Breakfast cereal
e. A desk
c
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If the Federal Reserve is currently paying 1% interest on bank reserves, but then reduces that interest rate to 0.5%, banks may decide to hold ________ reserves, and the money supply may ________.
A. fewer; decrease B. fewer; increase C. more; decrease D. more; increase
Scatterbrain Samantha often forgets to lock her house. This has caused the probability of a burglary to be 30%. If her house gets broken into, she faces a property loss of $10,000, otherwise she gets to keep her $100,000 . What is her expected wealth?
a. 80,000 b. $87,000 c. $97,000 d. $99,000
In order for currency to be widely used as a medium of exchange, it is sufficient for the government to designate it as legal tender
a. True b. False Indicate whether the statement is true or false
Which of the following statements is false?
A. Recognizing tradeoffs is an essential part of good decision making. B. Most government policies provide people with incentives to take certain actions and avoid others. C. People will pursue an action as long as it has benefits associated to it. D. Every choice involves a tradeoff.