Which of the following policy tools did the Fed create in 2008 to address the financial crisis?
i) quantitative easing
ii) credit easing
iii) open market operations
A) ii only B) i and ii C) i and iii D) i only E) ii and iii
B
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Human capital is the
A) machinery used by humans to produce GDP. B) technology used by humans to produce GDP. C) skill and knowledge accumulated by humans. D) plant and equipment produced by humans and not by machines.
Refer to Figure 19-1. Which of the following would cause the change depicted in the figure above?
A) European productivity rises relative to American productivity. B) The U.S. removes a quota on wristwatches from the European Union. C) Americans increase their preferences for goods produced in the EU relative to American goods. D) The price level of goods produced in the EU increases relative to the price level of goods produced in the United States.
The theory of consumer choice is to demand as the theory of
a. public goods is to supply. b. oligopoly is to supply. c. the competitive firm is to supply. d. comparative advantage is to supply.
Suppose there are 1,825 taxi medallions in Boston, each valued at about $250,000. Assume the price elasticity of demand for taxi rides is 1; the current price for a taxi ride is $4.75 per mile, and the cost of the ride is $3.00 per mile. How much would a person be willing to pay for a new medallion if the city increased the number of medallions to 2,000? (Hint: The price of the medallions is equal to the total profit from the average total number of miles each medallion will accumulate.)
A. $250,000 B. $160,000 C. $337,000 D. $185,000