Which of the following was a source of the U.S. federal government's financial revenue for World War II (1941–45)?
(a) Tariffs
(b) Bond sales to other governments
(c) Bond sales to the Federal Reserve System
(d) Bond sales to the U.S. Congress
(c)
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Why do most people choose to specialize in a narrow set of skills for their work, rather than to learn a little bit about several varied fields of endeavor?
A) They feel that doing so will minimize their chances of being unemployed. B) They don't correctly perceive the costs of being so specialized. C) It allows them to earn more income by being more productive. D) They are unaware of how much better off they would be if they diversified their skills.
During rush hours, long lines of traffic clog the only bridge to town. This bridge is an example of
a. market inefficiency b. obligatory controls c. a decreasing externality cost d. a pure public good e. a near public good
Which of the following is the study of “what is” rather than “what ought to be”?
a. normative economics b. subjective economics c. positive economics d. the theory of the origin of humanity
During the financial crisis of 2007-2009, why did the Federal Reserve begin to utilize various types of unconventional monetary policy?
a. the federal funds rate had already been increased as much as possible b. the discount rate had already been increased as much as possible c. the federal funds rate had already been reduced to zero d. the discount rate had already been reduced to zero