Which of the following federal agencies is engaged in social regulation?
A. the Securities and Exchange Commission
B. Office of the Comptroller of the Currency
C. Federal Deposit Insurance Corporation
D. Equal Employment Opportunity Commission
Answer: D
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The additional costs you expect to incur if you undertake an activity and the additional benefits you expect to receive if you undertake an activity are called ________ costs and benefits
Fill in the blank(s) with correct word
Suppose that the interest rate paid to savers increases. As a result, Tom wishes to save less. This suggests that, for Tom,
A) the substitution effect is greater than the income effect. B) the income effect is greater than the substitution effect. C) utility maximization is not occurring. D) future consumption is a luxury.
In the ultimatum game, one reason players don't choose the rational offer is
A) that there are too many possible outcomes to reasonably consider. B) they are worse off by taking the offer. C) they prefer to sacrifice to punish "unfair" behavior. D) that it is not a Nash equilibrium.
Which of the following statements best describes excess demand, or shortage?
a. The area between the supply and demand curves above the equilibrium point is called excess supply, or surplus. b. The area between the supply and demand curves below the equilibrium point is called excess supply, or surplus. c. The area between the supply and demand curves to the right of the equilibrium point is called excess supply, or surplus. d. The area between the supply and demand curves to the left of the equilibrium point is called excess supply, or surplus.