Which of the following demonstrates that policymakers cannot know the outcome of their decisions without knowing the public's expectations of them?
A) traditional Keynesian theory
B) Post Keynesian theory
C) real business cycle theory
D) new classical theory
D
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Suppose hamburger is an inferior good, but not a Giffen good, for Bob. If the price of hamburgers increases,
A) the income effect is greater than the substitution effect. B) the income effect is smaller than the substitution effect. C) consumption of hamburger will increase. D) We are unable to judge the change of hamburger consumption.
A banking system that provides people immediate access to their deposits, but that allows banks to hold only a portion of those deposits on reserve, is known as:
a. an excess reserve system. b. a fractional reserve system. c. the Fed. d. the FDIC. e. an asset-based system.
How is the optimal level of input usage to produce a certain output identified with the help of isocosts and isoquants?
Which of the following would be considered a "leisure" activity by economists?
A. Driving an on-duty taxi. B. Driving a bus for a city. C. Driving to the movies. D. Driving a forklift for work.