President Franklin D. Roosevelt's first action regarding the run on banks was to
(a) close all banks.
(b) increase the money supply.
(c) prohibit bank foreclosures.
(d) provide federal guarantees to depositors.
(a)
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If a bank has legal reserves of $1 million, a reserve requirement of 10 percent, and check able deposits of $6 million, it can extend its check able deposits by
a. $1 million. b. $2 million. c. $4 million. d. $10 million.
Joe runs a business and needs to decide how many hours to stay open. Figure 2.2 illustrates his marginal benefit of staying open for each additional hour. Suppose that we observe Joe staying open 5 hours per day. If he is following the marginal principle, what must his marginal cost per hour be?
A. $16 B. $24 C. $32 D. $40
If a firm hires 200 workers and produces 5,000 computers. If the firm hires one more worker, it produces 5,050 computers. If computers sell at a constant price of $100 and labor is hired at a constant wage rate of $4,000 per worker
A) the firm should hire and retain the additional worker. B) the marginal factor cost of labor is $4,000. C) the marginal revenue product of the added worker is $5,000. D) all of the above.
How does the text distinguish between coercion and persuasion?
A) Coercion uses force; persuasion uses reasoning. B) Coercion uses violence; persuasion is peaceful. C) Coercion cannot make everyone better off, but persuasion can. D) Coercion is evil, and persuasion is good. E) Coercion induces cooperation by threatening to reduce options, persuasion by promising to expand options.