In 1913, Congress established the Federal Reserve system with the intention of putting an end to
A) high interest rates.
B) high unemployment rates.
C) inflation.
D) bank panics.
Answer: D
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If a rent ceiling is set below the equilibrium price, thus creating a ________, housing may be allocated by increasing search activity or creating a ________
A) shortage; black market B) shortage; free market C) surplus; black market D) surplus; open market E) surplus; free market
Moral hazard is:
A. when individuals make exchanges in the grey market. B. the tendency for people to behave in a riskier way when they're insured. C. when one party acts in a way that is ethically outside the norm in a market exchange. D. when both parties act in a way that is ethically outside the norm in a market exchange.
Graphically, the average productivity of labor would be illustrated by the slope of the marginal productivity curve at the relevant point
a. the slope of the total product curve at the relevant point. b. c. the negative of the slope of the marginal productivity curve at the relevant point. d. the slope of the chord connecting the origin with the relevant point on the total output curve.
What is the expected payoff of an investment that yields $5,000 with a probability of 0.15 and $500 with a probability of 0.85?
A. $325 B. $5,500 C. $1,175 D. $2,750