To maintain their incomes when the selling price of a bushel or bale dropped, most farmers
Answer: increased their production, which caused an oversupply that made the selling price drop even more.
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Which of the following is not a function of the Fed?
a. To supervise and regulate banks. b. Dealing with financial crises. c. To print currency. d. Check clearing. e. Acting as a "bank for banks".
Getting more output from a given amount of inputs is usually the result of increases in
a. the labor force. b. technology. c. the capital stock. d. investment.
When the Fed decreases the discount rate, banks will
a. borrow more from the Fed and lend more to the public. The money supply increases. b. borrow more from the Fed and lend less to the public. The money supply decreases. c. borrow less from the Fed and lend more to the public. The money supply increases. d. borrow less from the Fed and lend less to the public. The money supply decreases.
The prisoners' dilemma describes a single-play game that features
A) an outcome in which the participants collude. B) a large number of rivals cooperating with each other. C) a situation in which one player has better odds than the other. D) two players who are unable to communicate with each other.