The ___________ is the period of time from the trough, through recovery, and all the way back to a peak.
A. expansion
B. start
C. trough
D. peak
Answer: A
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The expression "There's no such thing as a free lunch" means
a. if one person gains, someone else must lose. b. each person must pay for exactly what he or she receives. c. when scarce resources are used to produce one good they are unavailable to produce others. d. you cannot have a free lunch at the expense of someone else.
A liability to a bank is
A. something that the bank owns. B. something that the bank owes. C. something a customer owes the bank. D. the value of bank buildings and hardware.
Sarah makes giant wind chime sculptures for a living. When she makes 4 sculptures, she earns $10,000. When the makes 5 sculptures, she earns $12,500. Next door, Gilbert runs a meditation clinic
When Sarah makes 4 giant wind chime sculptures, the noise from the sculptures does not disrupt his patients, and he earns $7,500. When Sarah makes 5 sculptures, the noise is disruptive and Gilbert's profits fall to $6,000. The city has an ordinance which prohibits noise that disrupts the community. a. If you were the benevolent social planner, would you like to see Sarah make 4 sculptures or 5? Why? b. If bargaining between Sarah and Gilbert is easy, how many sculptures will Sarah make? Describe the bargain that results, if any, including the amount of money that changes hands. c. Is the outcome in part b an outcome that the benevolent social planner would endorse? Why or why not?
The Federal Reserve does not target both the money supply and an interest rate because
A) it would be too confusing to Wall Street and would disrupt the financial markets. B) the Fed cannot achieve a target for both the money supply and an interest rate at the same time. C) it would be illegal according to the Federal Reserve Act. D) it would be too easy for Wall Street to determine what policy the Fed is following and this would destabilize the economy.