One of the most, if not the most, severe recessions since World War II began in the
A. fall of 2005.
B. fall of 2007.
C. summer of 1964.
D. summer of 1927.
Answer: B
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In an open-market sale the Federal Reserve ________ government bonds and the supply of bank reserves ________.
A. buys; increases B. sells; decreases C. sells; increases D. buys; decreases
A risk-averse individual prefers
A) the utility of expected income of a risky gamble to the expected utility of income of the same risky gamble. B) the expected utility of income of a risky gamble to the utility of expected income of the same risky gamble. C) outcomes with 50-50 odds to those with more divergent probabilities, no matter what the dollar outcomes. D) outcomes with higher probabilities assigned to more favorable outcomes, no matter what the outcomes are. E) outcomes with highly divergent probabilities so that one of the outcomes is almost certain.
One of the most basic models of the economy is:
A. real GDP per capita. B. the current population survey. C. consumer expenditure. D. the circular flow model.
Which of the following is TRUE for the perfectly competitive firm?
A. Price elasticity of demand is equal to 1. B. AR is more than price. C. AR is less than price. D. Price and MR are always equal.