During the 2007-2009 financial crisis, the Federal Reserve took some unusual steps in its conduct of monetary policy. Which of the following was not one of them?
a. It invested in AIG
b. It invested more than $1 trillion in mortgage-backed securities.
c. It worked with the U.S. Treasury and with other regulators to stabilize banks and thaw frozen credit lines.
d. It worked with the U.S. Treasury and other regulators to help conduct a stress test of the 19 largest banks.
e. It bailed out General Motors.
e
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Consider the two statements: I. X is an inferior good. II. X exhibits Giffen's Paradox. Which of the following is true?
a. I implies II, but II does not necessarily imply I. b. II implies I, but I does not necessarily imply II. c. I and II are statements of the same phenomenon.
Differences in tastes among nations
a. make gains from trade possible even in the absence of differences in resource endowments b. make gains from trade possible only when there are differences in resource endowments c. negate any potential gains from trade d. are caused by differences in resource endowments e. occur only among countries whose people are of different religions
If an increase in consumer incomes causes the demand curve for product Q to shift to the right, then it can be said that product Q is a(n):
a. Inferior good b. Normal good c. Luxury good d. Inexpensive good
The perfectly competitive market structure includes all of the following except
A. Many firms. B. Identical products. C. Low entry barriers. D. Large advertising budgets.