When entering a building, Sam diverts his path to go through an open door rather than make the physical effort to open the closed door that is directly in his path
a. irrational behavior.
b. a lazy person.
c. marginal benefit-marginal cost analysis.
d. programmed learning.
Answer: c. marginal benefit-marginal cost analysis.
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The tools of monetary policy are
A) government spending, tax rates, and the required reserve ratio. B) open market operations, differential between the discount rate and the federal funds rate, and the required reserve ratio. C) open market operations, differential between the discount rate and the federal funds rate, and tax rates. D) open market operations, government spending, and the required reserve ratio.
Economists say that since wants are unlimited and the earth contains a finite quantity of resources that people keep using,
a. we will run out of resources b. consumers will lose sovereignty c. the circular flow model will eventually shrink d. scarcity will always be a fact of economic life e. the ceteris paribus assumption becomes more universal
Once an idea enters society's pool of knowledge, the idea becomes a
a. societal good. b. private good. c. public good. d. proprietary good.
Which of the following by itself is consistent with the directions that the price level and real GDP changed at the onset of the Great Depression?
a. aggregate demand shifted right b. aggregate demand shifted left c. aggregate supply shifted right d. aggregate supply shifted left