At the outset of the Civil War, _______________ had a significant advantage in arms production; however, ____________ was able to increase production more rapidly
a. the South; the North
b. the North; the South
c. neither the North nor the South; the North
d. the North; the North also
c. neither the North nor the South; the North
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Which of the following describes a moral hazard problem?
A) a process by which individuals have substantial resources devoted to the exchange process and need to make a profit or they will be adversely affected B) a process by which individual buyers or sellers with better information are more likely to participate in voluntary exchange C) a contractual problem that results because monopolies exist in all economies D) a post-contractual problem that may result because participants to the exchange process have information that allows them to act in an opportunistic manner
Suppose an individual has state-independent tastes and invests in risky stocks rather than safe bonds. We can infer that he must be risk loving.
Answer the following statement true (T) or false (F)
Which of the following statements about potential GDP is false?
A) The Fed's goal is to have equilibrium GDP close to potential GDP. B) When GDP is at potential, cyclical unemployment is zero. C) It occurs when firms are producing at their maximum level of output. D) It occurs when firms are producing with a workforce of normal size working normal hours.
A commercial bank has excess reserves of $10,000 and a required reserve ratio of 20%. It grants a loan of $8,000 to a customer, who then writes out a check for $8,000 that is deposited in another bank. The first bank will find its reserves decrease by
A. $8,000. B. $1,600. C. $3,000. D. $2,000.