The creation of the Federal Reserve in 1913:
A. guaranteed the Federal Reserve would always act as lender of last resort.
B. provided the opportunity for lender of last resort but not the guarantee that it would be used.
C. eliminated bank panics in the U.S.
D. was in response to the Great Depression in the U.S.
Answer: B
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The invention of ATMs reduced the:
What will be an ideal response?
In the consumer's NPV decision, the correct value for the interest rate R is
A) the interest rate that could be earned in a savings account when the consumer must borrow to finance the purchase. B) the interest rate that would have to be paid on a loan when the consumer could pay for the purchase with funds in a savings account. C) the interest rate charged for the loan when the consumer must borrow to finance the purchase. D) the prime rate, irrespective of whether when the consumer must borrow to finance the purchase. E) the prime rate plus the rate of inflation as measured by the CPI, irrespective of whether when the consumer must borrow to finance the purchase.
Personal income includes: a. income received in the form of transfer payments. b. wages and salaries
c. interest earnings on bonds. d. all of the above.
A resource is said to have a comparative advantage if:
A. its suitability to the production of one good changes as it produces more of that good. B. it is better suited to the production of one good than to the production of an alternative good. C. it is equally suited to the production of all goods. D. its suitability to the production of one good does not change as it produces more of that good.