The interest rate on secondary credit is set ________ basis points ________ the primary credit rate
A) 100; above
B) 100; below
C) 50; above
D) 50; below
C
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When people make deposits of currency into a bank, the quantity of M1
A) changes only if the deposit is an open market operation. B) immediately decreases by the amount of the deposit. C) immediately increases by the amount of the deposit. D) does not immediately change. E) immediately changes but whether it increases or decreases depends on whether the bank had excess reserves or did not have excess reserves.
The marginal benefit of each additional unit of a good consumed
A) increases as more is consumed. B) is always equal to its marginal cost. C) decreases as more is consumed. D) will maximize consumer surplus. E) is equal to the deadweight loss if the unit of the good is not produced.
When a firm's long-run average total cost falls as its output increases, the firm is experiencing
A) economies of scale. B) diseconomies of scale. C) constant returns to scale. D) decreasing marginal returns. E) decreasing cost of marginal returns.
Dan was certain that his upcoming economics test would be so easy that he could wait to study until the night before and still do well on the exam. When he cracked open his book and notes the night before the exam, he realized he should've started
studying earlier. According to behavioral economics, Dan's error was caused primarily by: A. a planning fallacy. B. an overconfidence effect. C. framing effects. D. hindsight bias.