How many members can serve on the Board of Governors of the Federal Reserve System?
A. 9
B. 14
C. 7
D. 12
Answer: C
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If reserves in the banking system increase by $100, then checkable deposits will increase by $100 in the simple model of deposit creation when the required reserve ratio is
A) 0.01. B) 0.10. C) 0.20. D) 1.00.
Adverse selection is, in general, the asymmetric information problem that occurs
A) after a transaction is consummated. B) due to a size difference in the parties to a transaction. C) with securitization. D) before a transaction is consummated.
Which of the following is not an example of a cost externality?
A) the dumping of industrial waste into a lake B) unsightly billboards C) a neighbor that blasts his stereo system D) the building of a new type of jet fighter bomber E) All of the above
If a firm hires labor for $4,000, pays rent of $1,500, buys raw materials for $6,000 from another firm, earns profits of $500, and sells its output for $14,000, the value added by the firm is _____
a. $12,000 b. $8,000 c. $6,000 d. $2,000 e. $500