As of 2010, the World Bank classified a country as a low-income economy when its domestic per capita GDP fell below _____
a. $1000
b. $995
c. $675
d. $530
e. $475
b
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Which policy tool allows the Federal Reserve the greatest control over monetary policy?
A) the reserve requirement B) open market operations C) lender of last resort D) the discount rate
Banks face the problem of ________ in loan markets because bad credit risks are the ones most likely to seek bank loans
A) adverse selection B) moral hazard C) moral suasion D) intentional fraud
If bad drivers can usually avoid being ticketed by the police, then insurance companies will
A) use one's driving record as a signal. B) use one's driving record as a screening device. C) not be able to use one's driving record as a screening device. D) request driving records directly from the police and not from the individual applicant.
Answer the following statements true (T) or false (F)
1. A linear relationship only refers to one whose graph is either vertical or horizontal. 2. In graphing a relationship between two variables, economists always follow the mathematical convention. Thus, if price is the independent variable then it is measured on the horizontal axis. 3. An assumption is usually made in a two-axes (or two-dimensional) graph that, aside from the two variables under study, the influence of all other variables or factors is assumed to be constant. 4. The slope of a graph measures the rate of change in one variable as the other variable changes.