Which of the following is an example of a "how much" decision?
A) Dinah's Diner is only open for breakfast and lunch. Dinah is trying to decide whether to open for dinner as well.
B) Zander has torn up his front yard and is debating whether to plant grass or install a rock garden.
C) You received a nice birthday check from your grandmother and are deciding on whether to spend it on a trip to New York or a trip to San Francisco.
D) Sergio quit his job to go back to school full time.
Answer: A
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Suppose a bank has $100,000 in checking account deposits with no excess reserves and the required reserve ratio is 5 percent. If the Federal Reserve lowers the required reserve ratio to 3 percent, then the bank will now have excess reserves of
A) $0. B) $2,000. C) $3,000. D) $5,000.
You are struggling to pick a major and find psychology and economics equally attractive but you cannot make up your mind. Then your parents suggest that, given your SAT scores you might want to consider mathematics. Before long you have no problem settling in on economics as your choice. This is an example of
A. bounded rationality. B. anchoring and adjusting. C. the halo effect. D. availability.
PriceQuantity SuppliedQuantity Demanded$00300$110250$250180$390150$4120120$515090$618050 Refer to Table 6.1, which gives the daily supply and demand schedules for cups of coffee at a kiosk in a shopping mall. If the government places a $4 per cup tax on coffee, how many cups of coffee will be bought and sold after the tax is imposed?
A. 50 B. 90 C. 150 D. 120
Anna recently graduated from college with a degree in electrical engineering, but she has not yet started working. To be counted as "unemployed" she
a. does not have to have looked for work. b. must have looked for work no more than a week ago. c. must have looked for work no more than four weeks ago. d. must have looked for work no more than twelve weeks ago.