When someone asks how much money you made this year, they are using the term "money" correctly
a. True
b. False
Indicate whether the statement is true or false
False
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Utility is maximized for the consumption of two goods when: a. the price of the first good equals the price of the second good
b. the marginal utility per dollar spent is equal for both goods consumed. c. the quantity consumed of the first good equals the quantity consumed of the second good. d. the total utility of the first good equals the total utility of the second good.
The FDIC was created because
A. banks failed to create money the way the Fed wanted them to. B. the Fed kept the required reserve ratio too low. C. there were so many bank failures in the 1930s. D. people worried about bank failures after World War I, even though very few banks actually failed.
Which of the following statements is not true for a command economy?
A. The government decides what is produced. B. The amount of a good supplied always equals the amount of the good demanded. C. The state decides how to distribute what is produced. D. Consumers have some choices concerning what they buy.
For a price ceiling to have an impact on a market it:
A. must be set at the equilibrium price. B. must be set below the equilibrium price. C. can lead more goods to be produced in a market. D. must be set above the equilibrium price.