For most commonly used social welfare functions, an efficient allocation is
A) always preferred over any inefficient allocation.
B) not possible.
C) usually preferred.
D) never preferred.
C
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The desired reserve ratio is 10 percent. Joe deposits $1,000 in Bank A. Bank A keeps its minimum desired reserves and lends the excess to Fred
Fred spends his loan at J.C. Penney. J.C. Penney deposits the check it receives from Fred in Bank B. Bank B keeps its minimum desired reserves and lends the excess to Mary. How much can Bank B lend to Mary? A) $90 B) $900 C) $810 D) $1,000 E) $100
Which of the following correctly lists the categories of factors of production?
A) machines, buildings, land, and money B) hardware, software, land, and money C) capital, money, and labor D) owners, workers, and consumers E) land, labor, capital, and entrepreneurship
Members of the Board of Governors serve
A) fourteen year terms. B) four-year terms. C) at the discretion of the Federal Reserve Chairman. D) at the discretion of the President of the United States.
The above figure shows the market for rice in Japan where price is expressed in dollars. S represents the domestic supply curve, and the horizontal line at P = $1 represents the world supply curve
If a $1 tariff is imposed on imported rice, the loss in social welfare is A) b + c + d + e. B) a. C) i. D) a + c + d + e.