Recall the Application about Bitcoin and other cryptocurrencies to answer the following question(s). According to the Application, Bitcoin is a currency:
A. that is not backed by any government.
B. that can be used anonymously.
C. that can be used to transfer money without the use of traditional banks.
D. All of these are correct.
Answer: D
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The Taylor rule links the Federal Reserve's target for the
A) federal funds rate to the money supply. B) money supply to changes in interest rates. C) federal funds rate to economic variables. D) money supply to shifts in money demand.
China has roughly how much of the world's population?
A. 40 percent. B. 30 percent. C. 20 percent. D. 10 percent.
Grocery shoppers who willingly pay high prices at one supermarket to avoid long lines at the check-out counter of another supermarket with lower prices demonstrate, through their actions,
A) they are not rational shoppers. B) they don't care about money. C) they would pay any amount of money to save a little time. D) all of the above. E) none of the above.
Procrastination, addiction, and honesty
a. may be explained by preferences that are not transitive b. violate the economist's assumption that "more is better" c. help to explain why the substitution effect is more powerful than the income effect d. are often inconsistent with narrowly defined rationality e. are inferior economic "goods".