Which of the following is likely to be an unreported economic activity?
A) the brokerage fees paid to a broker at Merrill Lynch
B) the purchase of shares of stock in Walgreen's Pharmacy
C) a $250,000 bonus paid to the CEO of a company
D) tips paid to a taxi driver
E) the minimum wage paid to a teenager working at a McDonald's
D
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Which of the following would be an example of an inferior good?
a. A small pack of cigarettes b. A cheap cut of meat c. A small bottle of milk d. A large bag of cornflakes
The prisoner's dilemma arises when people have an incentive to let others pay for the public good and then take advantage of those purchases made by others
a. True b. False Indicate whether the statement is true or false
If required reserves are expressed by RR; the required reserve rate by rD and deposits by D, the simple deposit expansion multiplier is expressed as:
A. 1/rD. B. RR × D. C. RD × D. D. (1/rD ) D.
According to the adaptive rationality standard, people's goals:
A. are a choice variable, and people's choices about which goals to pursue are made efficiently. B. are fixed, and people are efficient at pursuing whatever goals they happen to hold at the moment of action. C. are fixed, and people are often inefficient at pursuing those goals, which explains why people experience regret. D. are a choice variable, and people may not be efficient at choosing which goals to pursue.