Private property rights imply that people can own things, and they can do what they want with what they own even if they infringe on the private property rights of others
a. True
b. False
Indicate whether the statement is true or false
False
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If the Fed is concerned about a possible recession, it ________ the federal funds rate, which ________ the quantity of reserves and ________ the amount of bank loans
A) raises; increases; increases B) lowers; increases; increases C) raises; decreases; decreases D) lowers; increases; decreases E) lowers; decreases; decreases
If the price level increases by more than expected, output can be expected to decrease as a result
a. True b. False Indicate whether the statement is true or false
Economists believe that individuals act as if they are motivated: a. primarily by the opinions of their peers
b. primarily by human emotions. c. primarily by self-interest. d. only by concern for the larger community.
Consumers are generally willing to spend more time researching cars before making a purchase than they do researching paper towels because: a. the cost of gathering information about paper towels is very small
b. the cost of gathering information about cars is less than the cost of gathering information about paper towels. c. the cost of gathering information about cars is less than the cost of gathering information about paper towels. d. the net benefit from gathering additional information about paper towels is likely much greater than the net benefit derived from gathering additional information about cars.