One reason many people make their own pickles rather than buy them is that
a. they can maintain control over the quality during production
b. the total cost of ingredients is the same as the price of store-bought pickles
c. firms do not make high-quality pickles
d. people place a high value on their time
e. firms do not produce goods that can be made at home
A
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Using the money demand and money supply model, an open market purchase of Treasury securities by the Federal Reserve would cause the equilibrium interest rate to
A) not change. B) decrease. C) increase. D) increase if the economy is in a recession.
Gabby flips a fair coin and it shows heads. When trying to guess what the coin will show on the next flip, Gabby guesses heads because she thinks it is more likely to occur than tails since the coin showed heads on the last flip. Gabby suffers from the:
A. gambler's fallacy. B. gambler's myth. C. hot-hand fallacy. D. hot potato fallacy.
Why are math and graphics used in economic models?
On a certain date the banking system had $2 billion in excess reserves. The legally required reserve ratio was 12.5 percent. Potentially, if these funds were fully loaned out, the banking system as a whole could increase the money supply by a maximum of: a. $0.25 billion. b. $2.5 billion
c. $12.5 billion. d. $16 billion