In modern culture, which of the following has probably become the most precious resource?
a. water
b. time
c. oil
d. mathematics
b. time
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The Arrow impossibility theorem
A) explains why it is impossible, in most cases, to eliminate special-interest legislation after it has become law. B) explains why people can be rational as well as ignorant at the same time. C) explains why candidates for public office must represent the preferences of the political middle. D) explains why voting systems do not consistently represent the preferences of voters.
The reserve requirement is 0.10. What is the simple deposit multiplier?
A) 2 B) 20 C) 0.2 D) 10
Suppose the required reserve ratio is 3 percent, and currency and reserves total $10 million. The maximum money supply that can be supported is:
a. $13 million. b. $30 million. c. $97 million. d. $333.3 million.
An example of a capital good is
a. food produced by U.S. farmers in 2008 b. the car that your friend drives to school c. a house owned and occupied by a family d. the rent your friend paid last year for a college apartment e. a share of General Electric Company stock