Which of the following Federal Reserve chairs had the longest tenure?
a. Alan Greenspan.
b. Paul Volcker.
c. Milton Friedman.
d. Arthur Laffer.
a. Alan Greenspan.
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An example of someone who irrationally considers sunk costs when making a decision is most likely:
A. a family that pays $20 to enter a state park for the day and leaves after an hour. B. a family that pays $20 to enter a state park for the day and stays all day. C. someone who paid $50 for a ticket to a baseball game and ends up sitting through the entire game in the freezing rain without a jacket. D. someone who paid $50 for a ticket to a baseball game and ends up sitting through the entire game enjoying himself.
When a market consists of a few large firms and barriers to entry exist, it:
A. must be perfectly competitive. B. is likely an oligopoly. C. must be monopolistically competitive. D. is likely a monopoly.
The velocity of money is the
a. rate at which the price index for consumer goods rises. b. multiple by which an increase in government expenditures will cause output to expand. c. average number of times a dollar is used to buy goods and services included in GDP. d. number of times a dollar is taken out of the country during a year.
Answer the following statement(s) true (T) or false (F)
1. No one benefits when interest rates rise, because everyone's current consumption will be lowered. 2. Future productivity increases will be reflected in higher interest rates today. 3. Increases in interest rates lead to overall net gains. 4. A higher demand for capital implies a lower supply of current consumption. 5. A perpetuity is a bond with an established maturity date.